Last checked at 12 Apr 2011 07:00
PRESS RELEASE
FOR IMMEDIATE RELEASE
12 April 2011
Omega Insurance Holdings Limited
Guidance on Japanese Earthquake & Tsunami and Update on other 2011 First Quarter Catastrophes
Omega Insurance Holdings Limited ("Omega" or the "Group") today announces an update on estimated ultimate net losses for the 2011 Queensland Floods and the 2011 New Zealand earthquake. The Group also makes an initial estimate of ultimate net losses arising from the Japanese earthquake and tsunami of 11 March 2011.
Omega estimates its ultimate losses, net of reinsurance and reinstatement premiums, from the 2011 Queensland Floods and the 2011 New Zealand earthquake to be US$7.6 million and US$9.5 million, respectively. These estimates are within the previously estimated ranges of loss.
Assessing the Group's ultimate net loss from its exposures to the tragic earthquake and tsunami in Japan is still at a very early stage. However, Omega estimates its ultimate loss, net of reinsurance and reinstatement premiums, to be approximately US$23.6 million, based on an estimated insured market loss of US$25 billion. There is still significant uncertainty surrounding the total market loss of this event and these estimates will be subject to revision as loss notifications are received and information becomes clearer.
In addition, forgone managing agency profit commission associated with these events is approximately US$5.0 million.
Previously disclosed estimates from 2010 catastrophe events remain unchanged.
ENDS
Enquiries:
Omega Insurance Holdings Limited
David Coles, Head of Investor Relations + 44 (0)20 7767 3051
Haggie Financial
David Haggie and Juliet Tilley +44 (0)20 7417 8989