Flagstone Re Provides Estimate of $50-55M for Adverse Development for Catastrophes from First Half of 2011
Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) today announced adverse development from catastrophe loss events that occurred in the first half of 2011 based on revised loss estimates provided in recent updates from cedants. The impact on 2011 fourth quarter results from continuing operations is estimated to be $50 to $55 million, net of reinstatement premiums and retrocession.
Furthermore, the Company's preliminary estimates for losses from flooding in Thailand during the third and fourth quarter of 2011 is expected to negatively impact its fourth quarter results from continuing operations by approximately $13 to $18 million, net of reinstatement premiums and retrocession. The Company's estimated loss is based on an industry loss of between $15 billion and $18 billion.
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