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Everest Re pegs loss from NZ earthquake at $140 – $210m

Bermuda reinsurer Everest Re has said that it expects pre-tax losses from the February New Zealand earthquake to be in the range of $140m - $210m.

On an after-tax basis, the reinsurer estimates that the New Zealand loss to be between $120m and $180m.

Everest Re said the estimates are based on underwriters’ preliminary analyses, profiling of exposed limits, and modeled loss estimates that are consistent with an industry loss event ranging between $8bn and $12bn.

In addition, Everest Re also expects gross losses of $45m in the first quarter of 2011, due to floods in Australia, which on a net after-tax basis would amount to approximately $37m.

Commenting on the devastating earthquake in Japan Everest Re chairman and CEO Joseph Taranto said that the company expect this loss to be significant, and it is still too early to provide a reasonable or reliable estimate considering the fluidity of the situation.

"Nonetheless, given the strength of our balance sheet and our core earnings, we have ample capacity to withstand the events that occurred during the first quarter and to continue to support our clients," Taranto said.