Allied World expects $75M in losses from Japan quake
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ZUG, Switzerland—Allied World Assurance Co. Holdings A.G. expects approximately $75 million in losses and loss expenses as a result of the March 11 earthquake and tsunami in Japan, the firm announced Monday.
The loss estimates for the magnitude 9 earthquake and resulting tsunami, which are pretax and net of reinsurance recoverables, are based on preliminary information from clients and brokers and an internal catastrophe modeling analysis, as well reviews of current policies and contracts and outward reinsurance agreements, Zug, Switzerland-based Allied World said in a statement.
The company said its actual ultimate losses from the events may vary substantially from the estimates due to potential inaccuracies and inadequacies in the data available.
Allied World President and CEO Scott Carmilani said in the statement that the company expects its losses to remain “within our risk tolerances” and that it has retained “a very strong capital base.”
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