NU Online News Service, April 1, 1:41 p.m.EDT
|Hamilton, Bermuda-based insurer Ariel Reinsurance Co. says itexpects first-quarter catastrophe events will cost the companybetween $35 million and $50 million, but it expects to reportpositive net income for the period.
|The insurer, a subsidiary of Ariel Holdings Ltd., says thecatastrophe events in the first quarter of this year include theChristchurch earthquake in New Zealand; Cyclone Yasi; Australianflooding, Gryphon Alpha (a deep well oil rig that went adrift inthe North Sea in February); and the Tohoku Earthquake in Japan.
|The aggregate cost for the events is net of reinsurance andreinstatement premiums.
|The company says that because the events are recent, they "aresubject to significant uncertainty and it will be some time beforeadditional information will allow for a reliably accurate lossestimate."
|The company says its forecast for reporting a positive firstquarter rests on the absence of additional catastrophe events.
|Formed in 2005, Ariel Re underwrites property insurance andproperty, marine, aviation, credit and surety reinsurance throughoffices in Bermuda, Zurich and Brazil.
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