Flagstone Reinsurance Holdings Ltd. said Friday its estimated losses from claims related to the recent earthquake in Chile will be $50 million.
In addition, the Bermuda-based insurer and reinsurer estimates claims from Windstorm Xynthia, which hit Western Europe on Feb. 27, at $3 million to $6 million.
The estimates are preliminary, and net of reinstatement premiums and retrocession.
Flagstone said it could significantly revise the estimates as more information becomes available. In Chile, which has been hit by a series of aftershocks following the initial Feb. 27 earthquake, inspections of damaged buildings will take months, Flagstone said.
Shares of Flagstone fell 6 cents to $11.20 in midday trading.
Source:businessweek.com/
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