Flagstone Re Updates Loss Estimate for New Zealand Earthquake

Flagstone Reinsurance Holdings, S.A. FSR announced today that it has updated its estimate of claims relating to its exposure to the earthquake in New Zealand from $52.5 million to $75.5 million net of reinstatement premiums and retrocession. Flagstone's loss estimate is based on its proprietary modeling analysis, the assessment of individual treaties and client data, third-party vendor models, and an updated estimated industry loss of $4.5 to $6 billion USD. The revision was due primarily to significant recently reported adjustments by cedants and conservative reserving assumptions by Flagstone taking into consideration the significant extent of potential property damage.