Chubb estimates nearly $300 million in first quarter cat losses

The Chubb Corporation estimates pre-tax losses from 2010 first-quarter catastrophes will be approximately $290 million ($189 million after-tax). Losses include the March northeast U.S. storm, other U.S. winter storms, the Chilean earthquake, the Australian storms, European windstorm Xynthia and other catastrophe events. This includes estimated losses and loss expenses net of reinsurance recoverable. It also includes estimated reinsurance reinstatement premiums, Chubb said in a statement. Of the pre-tax losses, roughly $200 million represents Chubb’s estimate for losses from U.S. catastrophes. Approximately $90 million represents pre-tax losses outside the United States, including a $70-million loss resulting from the Chilean earthquake.