NU Online News Service, March 5, 1:18 p.m. EDT
Validus Holdings, Ltd. said its initial maximum estimate of losses from the recent earthquake in Chile and European Windstorm Xynthia was $300 million.
The Bermuda-headquartered reinsurance and insurance provider said that, based on total Chile earthquake insured industry losses between $4 billion and $8 billion, it expects its loss to be in the range of $170 million to $270 million, net of reinstatement premiums and reinsurance, retrocessional, and other recoveries.
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