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Validus Holdings estimates net losses of $378.9M from Q3 catastrophes

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Validus Holdings estimates net losses of $378.9M from Q3 catastrophes

Validus Holdings Ltd. expects about $378.9 million in losses from third-quarter loss events including hurricanes Harvey, Irma and Maria, and the Mexico City earthquake.

The estimated losses were net of reinsurance, noncontrolling interest, net impact on premiums earned and retrocessional recoveries. For the third quarter, Validus said it anticipates Irma to yield the largest net losses attributable to the company at $163.2 million, followed by Harvey at $146.4 million and Maria at $57.7 million.

The Mexico City earthquake is expected to have caused $11.6 million in net losses attributable to the company.

Validus Chairman and CEO Ed Noonan said in a statement that, despite the heavy losses, the company will "sustain these events with no disruption" given its reinsurance policy and financial position.

The company anticipates industry losses, excluding those to the National Flood Insurance Program, of $20 billion to $30 billion from Harvey, $25 billion to $40 billion from Irma and $25 billion to $45 billion from Maria. The company said the Mexico City earthquake could lead to industrywide losses of $2 billion to $4 billion.