Flagstone Re Updates Loss Estimate for New Zealand Earthquake
Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) announced today that it has updated its estimate of claims relating to its exposure to the earthquake in New Zealand from $52.5 million to $75.5 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 updated estimated industry loss of $4.5 to $6 billion USD.
The revision was due primarily to significant recently reported adjustments by cedants and conservative reserving assumptions by Flagstone taking into consideration the significant extent of potential property damage.
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