No reinsurance in property treaty. Xynthia to cost $10m
Bermuda-based London insurer Catlin said that based on a market loss estimate of $6bn, the Chilean earthquake will cost it $140m, net of reinsurance and reinstatements.
Approximately two-thirds of this exposure arises from the international property treaty reinsurance portfolio written in both London and Bermuda, whilst the remainder arises from various classes of facultative business.
It expected no reinsurance recoveries from the property treaty reinsurance portfolio, but would benefit from recoveries from quota share reinsurance covering some facultative property classes.
“The losses arising from the property treaty reinsurance portfolio will significantly reduce the aggregate retention relating to the Group's catastrophe reinsurance protection. The full limits of the Group's reinsurance protection are still in place and available to respond to any future events,” it said.
Catlin also estimates its exposure to Windstorm Xynthia will amount to less than $10m.
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