Preliminary loss estimates

RNS Number : 7842J

Beazley PLC

07 April 2010

 



Beazley plc

Dublin, 7 April 2010

Preliminary loss estimates - Chilean Earthquake and European Windstorm Xynthia

Beazley plc today announced its estimated net losses arising from the earthquake in Chile over the weekend of 27th to 28th February 2010 to be in the range of $55m to $75m.

Uncertainty still surrounds the full scale of the losses and, as a result, estimates of the insured loss vary considerably among analysts and catastrophe modelling agencies. Beazley's estimate is based on a market loss of between $5bn and $8bn. The group's main exposures are in property reinsurance and commercial property insurance.

Should the actual losses increase, the group has reinsurance in place that would cover approximately half of any deterioration. In addition, further reinsurance cover exists for any future catastrophes in 2010.

Beazley does not expect European Windstorm Xynthia to have a material impact on the group's results.

For further information, please contact:

Beazley plc                        Andrew Horton / Martin Bride                    

          T: [phone]

Finsbury                            Don Hunter                                                                               T: [phone]

Note to editors:

Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia.  Beazley manages five Lloyd's syndicates and, in 2009, underwrote gross premiums worldwide of £1,115.5 million.  All Lloyd's syndicates are rated A by A.M. Best. 

Beazley's underwriters in the United States focus on writing a range of specialist insurance products.  In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states.  In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

 

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