ACE hit by $250m Japan disaster losses

ACE estimates its losses from the Japanese disaster are between $200m and $250m.

The (re)insurer said separate catastrophe losses in the first quarter were $210m. Ace took a $115m hit from the New Zealand earthquake, $80m on the Australian floods and $15m in the US winter storms.

That means the total catastrophe losses for ACE in the first quarter are between $410 and $460m.

The company said: “ACE Limited announced today that preliminary net after-tax losses in the first quarter for the ACE Group of insurance and reinsurance companies from natural catastrophes, including the New Zealand earthquake, the Australian floods and Cyclone Yasi, and the U.S. winter storms, are estimated to be $210 million, including reinstatement premiums. Of the total, $115 million is attributable to the New Zealand earthquake, million to the Australian events in aggregate, and $15 million to the U.S. winter storms.

“Separately, the company estimates net after-tax losses in the first quarter related to the Japanese earthquake event, for both insurance and reinsurance,will range from $200 million to $250 million. The loss estimates for the Japanese earthquake event are preliminary given details are still unfolding.”