Reinsurer annoucnes exposure to windstorm Xynthia and Chile earthquake
Flagstone Re announced today that its preliminary estimate of claims relating to its exposure to the earthquake in Chile is $50 million net of reinstatement premiums and retrocession.
Furthermore, Flagstone expects claims relating to Windstorm Xynthia, which struck Europe on February 27, to be between $3 - $6 million net of reinstatement premiums and retrocession.
Flagstone’s loss estimates are based on its proprietary modeling analysis, the assessment of individual treaties, third-party vendor models, and client data. These preliminary loss estimates will be refined as additional information is received from cedants.
Because these are early estimates there exists the possibility of significant revisions as further data becomes available, and the company notes that the Chile losses in particular will only be known once a large number of buildings are inspected which will take some months.
