Insurer's estimate increased to $160m

Specialist Lloyd's (re)insurer Amlin has raised its estimate of claims arising from the New Zealand earthquake.

Amlin’s current estimate, based on client estimates, has increased to $160m from $75m - an increase of $85m on the initial estimate.

At current rates of exchange this is an increase of £55m pre-tax.

The revised estimate is principally driven by the increase of the range of insured loss estimates for the event in respect of a major client.

Amlin's announcement follows similar estimate revisions by Catlin, Omega, PartnerRe and Aspen.

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