Catlin Group Ltd), the international specialty property/casualty insurer and reinsurer, has announced an estimate of the financial impact of the 4th September 2010 New Zealand earthquake in view of the increased interest in this event by the investment community.
The Group currently estimates that, based on total insured losses from the New Zealand earthquake of US$5.5 billion to US$6 billion, Catlin's loss amounts to approximately US$45 million, net of reinsurance and reinstatements. This is an increase of US$10 million from the Group's previous assumptions.
Catlin's estimate is based on information obtained to date from brokers and clients, a comprehensive review of direct insurance and reinsurance contracts, and information derived from catastrophe modelling analysis. The vast majority of the loss arises from property treaty reinsurance contracts written by the Group's London/UK and Bermuda underwriting hubs.