American Safety Insurance provides preliminary loss estimate of $5M-$7M
American Safety Insurance announced that the company's Q1 results will include pre-tax losses attributable to the New Zealand earthquake and other events of between $5M-$7M. Components aggregating the range are as follows: catastrophe losses within the Assumed Reinsurance division attributable to the New Zealand earthquake are expected to be between $1.5M-$2M and other weather related property losses within its Excess and Surplus Lines division are expected to be between $1M-$1.5M. The remainder is primarily attributable to prior year casualty net reserve strengthening in the Assumed Reinsurance division related to two contracts that have been non-renewed. :theflyonthewall.com
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