Bermuda-based Flagstone Re said its preliminary estimate of claims relating to Chile's 8.8 magnitude earthquake is US$50mn net of reinstatement premiums and retrocession.

Chilean insurers are well prepared to face the aftermath of the of the 8.8-magnitude earthquake - the fifth-strongest ever recorded - that occurred in Chile on February 27, given both the relative strength of the country''s earthquake-resistant construction codes and significant insurance catastrophe-loss mitigation tools, said US-based ratings agency Moody's.