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1Q Cat Estimates Roll In; Moody’s Puts Flagstone Under Review

Several Bermuda companies have reported loss estimates from first-quarter catastrophes, but all of the companies excluded the March 11 magnitude 9.0 earthquake that struck Japan, stating that it is too early to give an estimate.

By Phil Gusman | Updated on March 25, 2011

Several Bermuda companies have reported loss estimates from first-quarter catastrophes, but all of the companies excluded the March 11 magnitude 9.0 earthquake that struck Japan, stating that it is too early to give an estimate.

However, RenaissanceRe did comment that, according to its initial assessment, the net-negative impact of the Japan quake on the company’s results “will be significant and is likely to be material.”

AXIS Capital Holdings Ltd. says it does not expect its share of losses for the March 11 Japan earthquake and tsunami to exceed 1.3 percent of total industry loss. Losses for the company’s insurance segment are not expected to exceed $25 million due to reinsurance coverage, AXIS says, adding that it is still too early to give exact estimates.

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