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PEMBROKE, Bermuda—Validus Holdings, Ltd. estimates that it will sustain $55.5 million in losses as a result of long-term flooding in Thailand and puts marketwide insured losses at $12 billion.
The initial estimate of its losses and loss expenses is net of reinstatement premiums, reinsurance, retrocessional coverage and other recoveries, Validus said Wednesday in a statement.
The Pembroke, Bermuda-based insurer and reinsurer said the estimate is based on its current evaluation of affected contracts, as well as information from customers and intermediaries. Validus said it has been notified of few losses so far, “principally from onshore energy risks.”
Validus also noted that its actual losses may vary materially from the estimates due to the “uncertainties inherent in this preliminary information.”
Validus currently estimates the total insured market loss from the Thai flooding to be approximately $12 billion. The flood losses have led to a sharp contraction of insurance and reinsurance capacity for Thai risks.