Validus Holdings, Ltd. Provides Initial Estimate of Net Losses from Third Quarter 2017 Loss Events
PEMBROKE,
Three Months Ended |
|||||||||||||||||
(Amounts in millions of USD) | |||||||||||||||||
Notable Loss Events (a) | Other Event |
Total |
|||||||||||||||
Third Quarter 2017 Loss Events |
Hurricane Harvey |
Hurricane Irma |
Hurricane Maria |
Earthquake |
|||||||||||||
Net Losses and Loss Expenses Excluding AlphaCat | $ | 147.0 | $ | 164.9 | $ | 53.2 | $ | 11.8 | $ | 376.9 | |||||||
Validus’ Share of AlphaCat Losses and Loss Expenses | 7.3 | 21.0 | 7.4 | 0.1 | 35.8 | ||||||||||||
|
154.3 |
185.9 |
60.6 |
11.9 |
412.7 |
||||||||||||
Less: |
(7.9) | (22.7) | (2.9) | (0.3) | (33.8) | ||||||||||||
Net Loss Attributable to |
$ | 146.4 | $ | 163.2 | $ | 57.7 | $ | 11.6 | $ | 378.9 |
(a) | Notable loss events are loss events which aggregate to over |
|||
(b) |
Net impact on premiums earned includes reinstatement premiums assumed and ceded, and the net impact of accelerating unearned premiums assumed and ceded. | |||
(c) | The net loss attributable to |
|||
The above estimates are based on Validus’ current evaluation of impacted contracts and information provided by customers and intermediaries. Validus’ actual losses from these events may vary materially from these estimates due to uncertainties inherent in this preliminary information.
As part of the loss evaluation process,
About
Validus Re is a global reinsurance group focused primarily on treaty reinsurance.
Cautionary Note Regarding Forward-Looking Statements
This press release may include forward-looking statements, both with respect to the Company and its industry, that reflect our current views with respect to future events and financial performance. Statements that include the words "expect", "intend", "plan", "believe", "project", "anticipate", "will", "may" and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond the Company's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. We believe that these factors include, but are not limited to, the following: 1) the preliminary nature of reports and estimates of loss to date in connection with the third quarter 2017 loss events; 2) unpredictability and severity of catastrophic events; 3) rating agency actions; 4) adequacy of
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in
View source version on businesswire.com: http://www.businesswire.com/news/home/20171009005951/en/
Investors:
[email protected]
+1-441-278-9000
or
Media:
Source:
Feinstein, oldest senator at 84, to seek re-election
New Research Report on Massachusettsan Insurance Industry Offers Detailed Overview on Governance, Risk, and Compliance
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News