A number of Bermuda insurers reported significant drops in net income in the third quarter of 2010–many within the 20-50 percent range, with declines primarily related to the New Zealand earthquake and other smaller catastrophes.
RenaissanceRe Holdings said it recorded $73.6 million of net negative impact in the third quarter from the quake. Validus Holdings expects about $28.7 million in losses, and Argo Group International said its exposure to the quake resulted in $11.3 million in losses.
Yet not all companies that reported large losses from the New Zealand quake experienced drops in net income. AXIS Capital Holdings, for example, said it took on $85 million in net losses from the quake but made $248.1 million in net income for the third quarter compared to a loss of $86.7 million last year during the same time.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
