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Member, Beacon International Group, Ltd.
ZUG, Switzerland—Allied World Assurance Co. Holdings A.G. said Friday that it expects $65 million to $75 million in catastrophe-related losses and loss expenses in the second quarter.
The property/casualty and specialty insurer and reinsurer said the estimate includes $40 million to $50 million in losses from weather-related events in the United States during the second quarter and about $25 million from additional expected losses due to catastrophes in New Zealand and Japan in the first quarter.
The estimates are before taxes and include reinsurance contributions.
In April, Allied World said it expected about $75 million in losses and loss expenses as a result of the March 11 earthquake and tsunami in Japan, but also warned that its actual ultimate losses from the events might vary substantially, as it did again in its announcement Friday.
Catastrophe-related losses helped drive the U.S. property/casualty industry’s net profit down 29.3% to $9 billion in the first quarter of this year compared with the same period last year, A.M. Best Co. Inc. said in a report released Wednesday.