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Validus projects $30M net impact from October wildfires in California

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Validus projects $30M net impact from October wildfires in California

Validus Holdings Ltd. said it expects the net impact from the October California wildfires to be $30.0 million.

The initial estimate is based on the company's current evaluation of affected contracts and information provided by customers and intermediaries.

The California Department of Insurance recently said that the total insured losses from the wildfires surpassed $9.4 billion.

Validus also said it does not expect the potential changes to U.S. tax law to have a material impact on its results of operations, based on the text of the current U.S. House and Senate tax reform bills.