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PEMBROKE, Bermuda—Validus Holdings Ltd. said it expects the devastating February earthquake that hit Christchurch, New Zealand, to result in insurance industry losses of $8 billion New Zealand ($6 billion) to $10 billion New Zealand ($7.51 billion).
The Pembroke, Bermuda-based insurer and reinsurer said it expects its own losses to be in the range of $25 million New Zealand ($18.8 million) to $50 million New Zealand ($37.6 million) from the quake.
In a statement Monday, Validus said despite a prevalence of large-loss events in the first quarter of this year, it expects to report “positive net operating income” for the first three months of 2011.
The large-loss events include floods in Australia Cyclone Yasi and unrest in the Middle East, Validus said in the statement.
CHRISTCHURCH, New Zealand (Reuters)—New Zealand's government may have to recapitalize its crucial national disaster safety fund after being hit by two major earthquakes in five months, analysts and insurers say.