NU Online News Service, June 24, 11:10 a.m. EST
Validus Holdings, Ltd. says losses from April and May storms in the United States could top $75 million.
The Pembroke, Bermuda-based carrier says it expects the combined loss and loss expenses from the storms to be in the range of $55 million to $75 million, net of reinstatement premiums and reinsurance, retrocessional and other recoveries.
The losses consisted of flooding, hail, tornadoes and wind that occurred in late April and late May.
Validus says the estimates are based on current evaluation of impacted contracts and information provided by customers and brokers. The company added that actual losses from the events could vary materially from these estimates "due to the uncertainties inherent in this preliminary information."
The company provides reinsurance and insurance through two wholly-owned subsidiaries: Validus Reinsurance, Ltd. and Talbot Holdings Ltd.
Overall, losses from the thunderstorms in the two-month span reached about $15 billion, says Aon Benfield, the global reinsurance intermediary of Aon Corp.
Catastrophe risk modelers estimate insured losses of between $2 billion and $6 billion for the late April tornado outbreak. AIR Worldwide adds up to $7 billion in losses due to late May storms.
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