Flagstone Re Provides Initial Estimate of %52.5M for New Zealand Earthquake Loss
Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) announced today that its preliminary estimate of claims relating to its exposure to the earthquake in New Zealand is $52.5 million net of reinstatement premiums and retrocession.
Flagstone's loss estimate is based on its proprietary modeling analysis, the assessment of individual treaties and client data, third-party vendor models, and an estimated industry loss of $3.6 billion USD.
David Brown, Flagstone CEO, commented: “As a global reinsurer, we expect to incur losses in international events such as this. However, as a result of our diversified portfolio, and based upon our current estimate, we expect to produce positive growth in book value per share for the quarter.” This preliminary loss estimate will be refined as additional information is received from cedants. Because this is an early estimate there exists the possibility of revisions as further data becomes available.
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