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RenRe expects $45M in Thai flooding-related losses


PEMBROKE, Bermuda—RenaissanceRe Holdings Ltd. on Wednesday said it expects $45 million in losses in the fourth quarter due to last year’s flooding in Thailand.

The Pembroke, Bermuda-based company said net revisions to its prior-period large catastrophe loss estimates—including earthquakes in Japan and New Zealand—“are not expected to have a significant net impact” on the company’s fourth-quarter results.

“The net negative impact of these events includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions” as well as its redeemable noncontrolling interest in DaVinci Reinsurance Ltd., its equity in the net claims and claim expenses of Top Layer Re Top Layer Reinsurance Ltd., “and other income in respect of ceded reinsurance contracts accounted for at fair value,” RenRe said in its announcement.

RenRe said its estimates are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques.

Given the magnitude and recent nature of the flooding in Thailand and other factors that include the limited amount of claims data received thus far, “meaningful uncertainty remains regarding these losses,” RenRe said.

RenRe also said that its fourth-quarter 2011 results will include approximately $31 million in aftertax losses related to RenRe Energy Advisors Ltd., the company’s weather and energy risk management operations, “due primarily to unusually warm weather in the U.K. and certain parts of the U.S. during the fourth quarter of 2011.”