Arch Capital Group sees losses from Chile quake, European, Australian storms near $65 million
By APTuesday, March 23, 2010
Arch Capital: 1Q quake, storm costs near $65M
NEW YORK — Arch Capital Group’s first-quarter losses from the Chilean earthquake, a European windstorm, and floods in Australia could total almost $65 million, the reinsurer said Tuesday.
The bulk of that is related to the quake that shook Chile last month. Arch Capital said it expects pretax earnings from the temblor in the range of $35 million to $50 million, net of reinsurance.
Bermuda-based Arch Capital projected its losses at less than $15 million from the combined effects of a Feb. 28 windstorm named Xynthia, which claimed dozens of lives in France and Germany, and hailstorms and floods in Australia.
The company said the estimates are based on projected industry insured losses. Actual figures may be different.
In morning trading, shares of Arch Capital Group Ltd. slipped 26 cents to $74.90. The stock has ranged between $51.32 and $76.83 in the past 52 weeks.
