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Validus likely to incur more than $400 million of net loss from hurricanes, quake


Bermuda-based insurer and reinsurer Validus Holdings Ltd. said that it expects to incur a net loss of nearly $413 million related to hurricanes Harvey, Irma and Maria, and the Mexico City earthquake, reports. The net loss from hurricane Harvey is likely to total $146.4 million, hurricane Irma to amount to $163.2 million, hurricane Maria to $57.7 million and Mexico City earthquake to $11.6 million. Validus is likely to incur nearly $36 million of the total loss from its stake in insurance-linked securities and third-party reinsurance capital unit AlphaCat Managers Ltd.

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