NU Online News Service, Jan. 26, 11:13 p.m. EST
RenaissanceRe Holdings says it expects flooding in Thailand to negatively impact fourth-quarter results to the tune of $45 million.
The Pembroke, Bermuda-based company also says fourth-quarter results will include about $31 million in after-tax losses to its weather and energy risk-management operation, RenRe Energy Advisors Ltd., due to “unusually warm weather in the U.K. and certain parts of the U.S.” during the quarter.
Net revisions to prior-period catastrophes, such as the March earthquake and tsunami in Japan and February earthquake in New Zealand, are not expected to have a significant impact on fourth-quarter results, RenaissanceRe says.
The Thailand flooding began over the summer but peaked in the fourth quarter. Industrywide loss-estimate ranges have varied, with Swiss Re saying it expects industry losses to be between $8 billion and $11 billion while Aon Benfield expects losses of between $10 billion and $20 billion.
