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Montpelier Re Initial Loss Estimate From the 2011 New Zealand Earthquake and Australian Catastrophe Events
Hamilton, Bermuda – 15 March, 2011 - Montpelier Re Holdings Ltd. (NYSE:MRH) announced a preliminary estimate of losses from the February earthquake in New Zealand and the January floods and Cyclone Yasi in Australia.
The Company currently estimates its pretax net loss from the February New Zealand earthquake will be $75 million, net of reinstatement premiums, which assumes a US $12 billion industry loss. The Company estimates its net losses from the January Australian events will be up to $15 million.
In view of the uncertainties associated with these initial estimates, actual losses may differ significantly from the estimate.
On 11 March, 2011, a major earthquake and tsunami struck Japan’s northeast coast. The Company has commenced its estimation process for expected claims relating to this event but believes it is too early to issue a loss estimate at this time.
Montpelier Re, through its operating subsidiaries, is a premier provider of global property and casualty reinsurance and insurance products. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission.
Contacts
Montpelier Re Holdings Ltd.
Investors:
William Pollett, Treasurer & SVP, 441-299-7576
or
Media:
Jeannine Menzies, Corporate Affairs Manager, 441-299-7570