NU Online News Service, July 6, 2:06 p.m. EDT
Transatlantic Holdings Inc. says it expects second-quarter catastrophe losses of approximately $35 million, net of tax.
The New York-based company says the losses are principally from severe tornado activity in the U.S.
Overall, losses from thunderstorms in April and May 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 expects up to $7 billion in losses due to late May storms.
In June, Transatlantic and Allied World Assurance Co. Holdings AG announced a $3.2 billion merger deal that the companies' executives say will create a global specialty insurer and reinsurer operating in 18 countries on six continents.
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