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31 Mar 2010 07:00
PRESS RELEASE
FOR IMMEDIATE RELEASE
31 March 2010
Omega Insurance Holdings Limited
Statement re Chilean earthquake and European windstorm Xynthia
Omega Insurance Holdings Limited ("Omega" or "The Group") today announces that it has completed its initial estimate of losses arising from recent major catastrophe events - the Chilean earthquake and European windstorm Xynthia.
Based on a ground-up assessment of individual contracts across its underwriting portfolio including, where available, information from brokers and clients, at this early stage the Group estimates a combined net loss from the Chilean earthquake of approximately $23 million. This is based on current market loss estimates of between $5.5billion and $8.5billion. There is still material uncertainty surrounding the total market loss, therefore this initial estimate may be subject to revision as the situation becomes clearer.
Omega's exposure to Chile arises through its international reinsurance account.
On current information the Group does not believe it has any material losses relating to European windstorm Xynthia, nor to any other major catastrophe events in the first quarter of 2010.
It is believed that the catastrophe losses from the Chilean earthquake, the resulting potential loss of profit commission to the Group and the costs associated with the Special General Meeting held on 12 March 2010 will have a material effect on the Group's full year result.
ENDS
Further information:
David Haggie or Juliet Tilley
Haggie Financial
Tel: +44 (0)20 7417 8989
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