Industrywide losses in New Zealand quake at least $6B: Validus

PEMBROKE, Bermuda—Validus Holdings Ltd. said it expects the devastating February earthquake that hit Christchurch, New Zealand, to result in insurance industry losses of $8 billion New Zealand ($6 billion) to $10 billion New Zealand ($7.51 billion).

The Pembroke, Bermuda-based insurer and reinsurer said it expects its own losses to be in the range of $25 million New Zealand ($18.8 million) to $50 million New Zealand ($37.6 million) from the quake.

In a statement Monday, Validus said despite a prevalence of large-loss events in the first quarter of this year, it expects to report “positive net operating income” for the first three months of 2011.

The large-loss events include floods in Australia Cyclone Yasi and unrest in the Middle East, Validus said in the statement.