Business
Q1 2011 Reported Losses and Japan Update
Q1 2011 Reported Losses and Japan Update.
About this update from Lancashire Holdings Limited
[{"type":"text","content":"\n \n LANCASHIRE HOLDINGS LIMITED \n\n15 March 2011\nHamilton, Bermuda\n\n First Quarter Reported Losses and Japanese Earthquakes and Tsunami Update \n\nLancashire Holdings Limited (the \"Company\") announces that to date in the first\nquarter of 2011 the Company's operating subsidiaries have pre-tax net losses\nestimated to be in the range of US$45 million to US$55 million (net of\nreinstatement premiums and reinsurance) for prospective property losses arising\nfrom the 22 February 2011 Christchurch, New Zealand earthquake, the recent\nAustralian weather related events (the New Zealand and Australian events\ncombined account for estimated losses in the range of US$15 million to US$25\nmillion), an energy loss in the UK sector of the North Sea, and losses in the\ngroup's terrorism portfolio arising from the recent political unrest in Egypt.\nActual losses may differ from the estimated range.\n\nThe Company is monitoring its potential underwriting exposures in Japan and the\nPacific region to the earthquakes and tsunami centred off the north east coast\nof Japan, which took place on 11 March 2011, and which have resulted in the\ntragic loss of life and significant property damage. The Company believes that\nit is premature to estimate a meaningful indicative reserving range for these\nevents or the resulting impact on first quarter results, reinstatement premiums\nor market pricing. A further announcement will be made once information\nbecomes available to make a more informed estimate of the expected losses.\n\nFor further information, please contact:\n\nLancashire Holdings Limited \nChristopher Head +44 (0)20 7264 4145 \n [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)...