RenaissanceRe Announces Initial Estimated Net Negative Impact From the Flooding in Thailand of $45M
RenaissanceRe Holdings Ltd. (NYSE: RNR) today announced its initial estimated net negative impact from the flooding in Thailand, which occurred over four months in 2011 and resulted in widespread damage to property and the country's manufacturing infrastructure. The Company currently expects that losses from the flooding in Thailand will have a net negative impact of approximately $45 million on its fourth quarter 2011 results. Net revisions to prior period large catastrophe loss estimates including the February 2011 New Zealand earthquake and the Tohoku earthquake are not expected to have a significant net impact on the Company's financial results for the fourth quarter of 2011.
RenaissanceRe's fourth quarter 2011 results will also include approximately $31 million in after-tax losses related to RenRe Energy Advisors Ltd., the Company's weather and energy risk management operations, due primarily to unusually warm weather in the U.K. and certain parts of the U.S. during the fourth quarter of 2011.
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