Business
Japanese Earthquake - Preliminary loss estimates
Japanese Earthquake - Preliminary loss estimates.
About this update from Lancashire Holdings Limited
[{"type":"text","content":"\n \n LANCASHIRE HOLDINGS LIMITED \n\n21 April 2011\nHamilton, Bermuda\n\nJapanese Earthquakes and Tsunami Update - Preliminary loss estimates\n\nLancashire Holdings Limited (the \"Company\" or \"Lancashire\") today announced\nthat it currently estimates the net impact on its first quarter financial\nresults from the Tohoku earthquake and resulting tsunami will be approximately\n$75 million. This estimate is based on an industry loss of $25 billion,\nLancashire's own internal assessment and the limited amount of information\nreceived to date from brokers and clients. Lancashire's estimated loss\nrepresents 68% and 37% of its 1 in 100 year and 1 in 250 year Japan earthquake\nnet probable maximum losses, respectively, based on its portfolio at 1st\nJanuary 2011 (as disclosed in the Company's financial supplement, available on\nits website).\n\nAs additional information emerges, the Company's actual ultimate loss may vary,\nperhaps materially, from today's estimate. In particular, the ultimate loss\nincurred by Japanese co-operative mutual companies could significantly impact\nthe industry loss, and the ultimate loss incurred by Lancashire.\n\nFor further information, please contact:\n\nLancashire Holdings Limited +44 (0)20 7264 4145 \nChristopher Head [email protected] \n \nJonny Creagh-Coen +44 (0)20 7264 4066 \n [email protected] \n \nHaggie Financial +44 (0)20 7417 8989 \nPeter Rigby (Peter Rigby mobile 07803851426) \n \n\nAbout Lancashire\n\nLancashire, through its UK and Bermuda-based insurance subsidiaries, is a\nglobal provider of specialty insurance products. The Group companies carry the\nfollowing ratings:\n\n Financial Long Term Issuer Outlook \n Strength \n Rating (2) \n Rating (1) \n \nA.M. Best A- BBB- Positive \n \nStandard & Poor's A- BBB Stable \n \nMoody's A3 Baa2 Stable \n\n(1)Financial Strength Rating applies to Lancashire Insurance Company Limited\nand Lancashire Insurance Company (UK) Limited\n\n(2) Long Term Issuer Rating applies to Lancashire Holdings Limited\n\nLancashire has capital in excess of $1 billion and its Common Shares trade on\nthe main market of the London Stock Exchange under the ticker symbol LRE.\nLancashire is headquartered at Power House, 7 Par-la-Ville Road, Hamilton HM\n11, Bermuda. The mailing address is Lancashire Holdings Limited, P.O. Box HM\n2358...