Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

The Associated Press March 11, 2010, 4:51PM ET

Platinum expects $85M loss from catastrophes

Platinum Underwriters Holdings Ltd. said Wednesday it expects a loss of about $85 million from catastrophe events in the first quarter.

The Bermuda-based reinsurer said the losses stem primarily from the earthquake in Chile, but also include losses from the European winterstorm Xynthia, the Melbourne hailstorm and the East Coast winter storms in the United States.

The estimate is net of reinstatement premiums, tax benefits and retrocessional coverage.

Platinum noted that the figure is based on industry estimates and reviews, and that the actual loss may differ.

The company also noted that loss forecasts relating to the earthquake in Chile are subject to considerable uncertainty due to limited data.

The company's shares were unchanged in after-hours trading, after gaining 4 cents to $36.92 during the regular session.


BW Mall - Sponsored Links

Buy a link now!