Catastrophe & Restoration

The company's latest report cites a new quarterly record for consolidated revenues before reimbursements for the 2010 fourth quarter.

The jackhammers fell silent, church bells pealed, and a Maori lament filled the air as New Zealand came to a standstill to mourn the estimated 240 people killed in an earthquake one week ago Tuesday.

Welcome to Morning Minute, a 60 second or less podcast that gives you a preview of the breaking news we’re covering today, March 1, on PropertyCasualty360.com.

Flagstone Reinsurance Holdings said losses from natural catastrophes in Australia during the first quarter are expected to be between $60 million and $80 million, while Validus Holdings said last week’s Christchurch, New Zealand earthquake could cost the company between $25 million and $50 million.

Moody’s Investor Services said it will take no immediate action on New Zealand and Australia issuers as a result of the Christchurch earthquake on Feb. 21 but that losses could hinge on whether this quake is considered a new event.

Insurance broker and risk advisor Marsh Inc. said its office in Christchurch, New Zealand was among the many buildings that collapsed during Monday’s earthquake.