SARAH LEWANDOWSKI | PEEL HUNT
Amlin’s estimated loss of £110m for the second New Zealand earthquake is substantially below its £160m loss to the first earthquake in September. Losses from New Zealand and Japan are close to triggering its reinsurance protection, and if estimates deteriorate they will be partly recoverable.
EAMONN FLANAGAN | SHORE CAPITAL
Overall these losses are broadly where we might have expected for Amlin, if not slightly lower. Crucially, the reinsurance programmes remain intact and available, if required, for the 2011 hurricane season.
NICK JOHNSON | NUMIS
The upper-end estimated loss of £150m appears to be broadly in line with our expectations. Positive commentary on the outlook for premium rates is likely to support its valuation, but we prefer Lancashire and Hiscox as the key winners post-Japan, based on their superior positioning for growth.