BOSTON (AP) — Allied World Assurance Co. said on Monday that it expects about $75 million in losses and loss expenses from last month's earthquake and tsunami in Japan.
The loss estimate is on a pre-tax basis, and takes into account the amount that will be paid by reinsurers.
Scott Carmilani, president and CEO of Switzerland-based Allied World, said the loss estimates are within the company's risk tolerances, and that it has a “very strong capital base.”
Analysts have estimated that the disaster will cost the global insurance industry tens of billions of dollars.
Allied World's U.S.-traded shares rose 52 cents to close Monday at $64.76.
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