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Member, Beacon International Group, Ltd.
Validus Holdings Ltd. said Tuesday that it will report a loss of $63.9 million due to the recent earthquake in Chile and a series of explosions at the Port of Tianjin in China.
The Aug. 12 explosions at the port will result in $43.9 million in losses, with its Validus Reinsurance Ltd. shouldering $32.7 million and Talbot Holdings Ltd. shouldering $11.2 million, the insurer and reinsurer said in a statement.
The Sept. 16 earthquake in Chile will cost the company $20.0 million, with Validus Re seeing a net impact of $15.3 million and Talbot, $4.7 million.
Validus said the loss estimate could increase.
“The absence of significant client loss reporting on these events has caused the loss estimates to be established primarily on the basis of exposure analysis and industry loss estimates,” the insurer said in the statement.
Estimates of insured losses in the China blasts have ranged up to $1.5 billion.
Validus Holdings Ltd. saw its second-quarter profit drop 56.7% to $81.7 million compared with the same period last year due in large part to significant losses in an oil rig explosion, the reinsurer said Wednesday.