Reinsurance News

Validus reveals $30m California wildfire loss, says tax reforms won’t hurt it

8th December 2017 - Author: Staff Writer

Validus Holdings, the Bermudian insurance and reinsurance group has revealed an initial estimated net loss from the October California Wildfires of $30 million.

California wildfiresValidus said that it’s estimate is based on an evaluation of loss affected contracts, as well as information provided by customers and intermediaries.

However the company noted that there is uncertainty in the estimate due to the preliminary nature of the information and so the total could be subject to change.

Catastrophe risk modelling firm AIR Worldwide’s total market loss estimate from the recent California wildfires ranges from $8 billion to $10.5 billion.

However,  uncertainty remains regarding the extent of losses to vineyards and wineries.

Firefighters are still fighting several major wildfires across Southern California, and two new blazes started on Thursday, added to the region’s ongoing battle with flames.

The reinsurer also stated in the same announcement that it doesn’t expect any negative impact from proposed tax reforms in the U.S.

Based on the text of the current U.S. House and Senate tax reform bills, Validus said that it doesn’t expect these changes to U.S. tax law to have a material impact on the company’s operating results.

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