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RenRe expects 'limited' losses from Japan, Ecuador earthquake

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RenRe expects 'limited' losses from Japan, Ecuador earthquake

expects "limited" losses from the earthquakes in Japan and Ecuador.

Speakingon an earnings call, Presidentand CEO Kevin O'Donnell said the excess of loss covers purchased by Japanesecompanies are not likely to be materially impacted from the calamity andtherefore, by extension, should not affect the retro market.

"Whilethe Japanese proportional covers may result in losses to reinsurers, we are nota significant writer of this business," he said.

Asfor the 7.8-magnitudeearthquake that roiled Ecuador, RenaissanceRe expects that its losswill be "low" given the level of insurance penetration in the country.

Catastrophemodeling firm AIR Worldwide pegged industry-insured losses for the earthquake atbetween $325 million and $850 million.

Turningto the weather in Texas, O'Donnell said his company will likely have "someexposure."

"Whilewe are in the preliminary stages of evaluating the losses, we think that thehail activity will likely result in some losses to the lower end of regionalcovers but will be retained by the national primary carriers," the CEOsaid.

Accordingto A.M. Best, insured losses caused by two hailstorms in March are currentlyestimated at $1.3billion, but the total is expected to increase.