Catlin reveals losses for New Zealand quake

first_img Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof whatsapp Tags: NULL PROPERTY and casualty insurer Catlin published its losses linked to the New Zealand earthquake yesterday, which were $10m (£6.5m) more than previously thought. The Lloyd’s of London insurer said the quake in September leaves it exposed to around $45m of claims, net of reinsurance – $10m more than the group’s earlier figures. The firm said it has reviewed all its insurance contracts and collected data from brokers and clients to arrive at the sum. The vast majority of the loss is due to property reinsurance contracts written by underwriting hubs in London and Bermuda, Catlin said. Catlin currently puts the total insured losses resulting from the earthquake at between $5.5bn and $6bn.The magnitude seven earthquake on New Zealand’s South Island demolished shops and homes when it struck in the early hours of 4 September. The quake brought down power lines and bridges, and wrecked roads and building facades but did not result in any deaths.In its November interim management statement, Catlin said claims from the quake were “not material”. Earlier this year the firm’s profits were dented by $180m losses arising from the Chilean earthquake and the Deepwater Horizon explosion. The Lloyd’s market saw its profit cut in half to £628m in the first half of the year thanks to the spate of disasters. The group’s total claims ratio stood at 98.7 per cent of premiums for the period, up from 91.6 per cent a year ago. London-listed shares in Catlin closed down 1.25 per cent at 369.9p yesterday, giving the firm a market cap of £1.34bn. Show Comments ▼ whatsappcenter_img Wednesday 22 December 2010 7:14 pm Catlin reveals losses for New Zealand quake by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem KCS-content last_img

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