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Member, Beacon International Group, Ltd.
LUXEMBOURG—Flagstone Reinsurance Holdings S.A. on Monday said its loss estimate for the floods that hit Queensland, Australia, in December is $10 million.
Flagstone also said further flooding in Australia in January and losses from Cyclone Yasi, which hit parts of Queensland last week, likely will impact the company’s results for the first quarter of 2011.
Those events will be treated as events separate from the December floods, Luxembourg-based Flagstone said in a statement Monday.
Flagstone will provide a loss estimate for those events after an assessment of its exposure, it said.
Flagstone said that, because of the “unprecedented number of events in Australia and New Zealand over the course of 2010, the company expects that aggregate covers will be triggered, incurring losses of $25 million for the fourth quarter of 2010, net of reinstatement premiums and retrocession.”
As well as the floods in Australia, reinsurers have suffered losses from the September earthquake in New Zealand.
Flagstone will report fourth-quarter results on Feb. 14.