Posted on 15 Mar 2010
Max Capital Group Ltd. today announced that preliminary estimates of combined claims for the Chilean earthquake of February 7, 2010 and winter storm Xynthia, which crossed Western Europe from February 26 to 28, 2010, range from $10 million to $20 million, net of reinstatement provisions and retrocessions.
W. Marston (Marty) Becker, Chairman and Chief Executive Officer of Max Capital, said: "Our projected claims from the Chilean earthquake and storm Xynthia are well within our normal loss provisions. In addition, in connection with Max's previously announced pending merger with Harbor Point Limited, we believe that the equivalent preliminary estimate, on a pro forma basis after giving effect to the combination, would have been in the range of $30 million to $50 million, net of reinstatement provisions and retrocessions are also within the normal loss provisions for the pro-forma combined organization."
Max Capital's and Harbor Point's loss estimates are based on proprietary modeling analysis, the assessment of individual treaties, and data from clients and brokers. Additionally, aftershocks are continuing in Chile with no reports as of yet on the extent of any related damages. Significant changes in these loss estimates may occur.
About Max Capital Group Ltd.
Operating from offices in Bermuda, Ireland, the U.S., Latin America, and at Lloyd's, Max Capital Group Ltd. is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers.
About Harbor Point Limited
Harbor Point Limited is a Bermuda-based holding company with property and casualty reinsurance operations in Bermuda, the U.S. and the UK.