The earthquake struck on February 22nd, with a magnitude of 6.3 on the South Island of New Zealand near Christchurch causing significant loss of life and damage to property.
Validus also noted the prevalence of worldwide events which it currently expects to give rise to insured losses in the first quarter of 2011, including the January floods in Australia, Cyclone Yasi in Australia, civil unrest in Northern Africa and the Middle East, damage to an offshore energy platform along with the Christchurch quake.
The company, which operates from offices on Par-La-Ville Road, said it does not currently expect its aggregate losses arising from these events to have a material impact on its shareholders’ equity and after considering these events, Validus continues to expect to report positive net operating income for the three months period ending March 31, 2011.