UPDATE 1-Flagstone pegs Japan quake losses at $80-$130 mln

March 30 (Reuters) – Flagstone Reinsurance Holdings
expects to book $80-$130 million in losses from the earthquake
and tsunami that struck Japan earlier this month.

Moody’s Investor Services placed Flagstone’s ratings under
review for possible downgrade earlier this month, following a
series of natural disasters in the first quarter including the
Australian floods and the earthquake that struck Christchurch in
New Zealand in February.

The Japan quake could lead to insured losses of nearly $35
billion, risk modeling company AIR Worldwide said, making it one
of the most expensive catastrophes in history — even without
expected additional tsunami losses. [ID:nLDE72C0AB]

Other insurers most exposed to Japan are Aflac , AIG
, MetLife , Munich Re (MUVGn.DE: Quote, Profile, Research) and Swiss Re
.

Flagstone shares have shed 20 percent since the Japan
earthquake. They closed at $8.79 on Tuesday on the New York
Stock Exchange.
(Reporting by Tenzin Dekeva in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-Flagstone pegs Japan quake losses at $80-$130 mln