Chaucer cat bill grows by £20mn
Takeover target Chaucer has estimated a $27mn loss from the first-quarter flooding in Australia and the second New Zealand quake, partially offset by $7mn of favourable development on 2010 cat reserves.
The Lloyd's (re)insurer said that it expects a £19mn hit from the 22 February earthquake, assuming an industry-wide loss of NZ$12bn ($8.6bn).
This is equivalent to around 6.0 percent of the carrier's year-end total equity.
Losses from the Australian flooding in the first three months of the year are...
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