Business
Update on Catastrophe Estimates and Rate Movements
Update on Catastrophe Estimates and Rate Movements.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 9690J Amlin PLC 07 July 2011 \n \n\n \nAmlin plc\n7 July 2011\n \n \nPRESENTATION FOR ANALYSTS & UPDATE ON CATASTROPHE ESTIMATES AND RATE MOVEMENTS\n \nPresentation for analysts\n \nAmlin plc will be holding a presentation for analysts at 4.00 pm today, Thursday 7 July 2011, on the subject of Catastrophe Underwriting and Risk Management. \n \nThe presentation slides and details of the investor web cast will be available on Amlin's web-site, www.amlin.co.uk or by accessing the link below. \n \nUpdate on catastrophe estimates\n \nAmlin estimates net claims from the two major US tornadoes during April and May 2011 of approximately $50 million. \nEstimated claims from the New Zealand and Japan earthquakes remain subject to uncertainty. The net reserve for these events remains materially unchanged. \n \nAs previously advised, any deterioration in loss estimates will be partly recoverable from our reinsurance programme. In addition the structure of the reinsurance programme for London allows for significantly increased reinsurance protection being available for future major events in 2011. During the second quarter of 2011, Amlin purchased an additional $40 million of cover to further extend this reinsurance protection.\n \nUpdate on catastrophe reinsurance rate movements\n \nRates for US catastrophe reinsurance underwritten by Amlin are estimated to have increased by 7% for the June and July renewals. \n \nIn International catastrophe reinsurance, renewal rates on Amlin's portfolio are estimated to have increased by 50% over the same period.\n \n \nAmlin will report 2011 Interim Results on 22 August 2011.\n \n\n\n\n\nEnquiries: \n\n\n\n\n\n\n\nCharles Philipps, Chief Executive, Amlin plc\n\n\n0207 746 1000\n\n\n\n\nRichard Hextall, Finance Director, Amlin plc\n\n\n0207 746 1000\n\n\n\n\n \nAnalysts and Investors\n\n\n\n\n\n\n\nJulianne Jessup, Head of Investor Relations, Amlin plc\n\n\n0207 746 1961\n\n\n\n\nEd Berry Financial Dynamics\n\n\n0207 269 7297\n\n\n\n\n \nMedia\nHannah Bale, Head of Communications, Amlin plc\n\n\n0207 746 1118\n\n\n\n\nEd Gascoigne-Pees, Financial Dynamics\n\n\n0207 269 7132\n\n\n\n\n \nWebcast\nLourens Kavelaars, Amlin plc\n\n\n...