DCG IRIS Limited Event Report: Earthquake in California (1350Q)
27 8월 2014 - 10:00PM
UK Regulatory
TIDMIRIS
RNS Number : 1350Q
DCG IRIS Limited
27 August 2014
DCG IRIS LIMITED
Event Report: Earthquake in California
The Company today received the following report from Credit
Suisse AG ('Credit Suisse'), the investment manager of CS IRIS Low
Volatility Plus Fund Limited (the 'Master Fund'), in which the
Company invests substantially all of its assets.
Opinions expressed in the report are those of Credit Suisse
AG.
"On 24 August 2014 a magnitude 6.0 earthquake occurred 80km
north of San Francisco, California, at 3:20 am local time. The
epicentre was located 8km south-southwest of Napa, a center of the
California wine industry, at a depth of 11.3km, as reported by the
U.S. Geological Survey (USGS). The epicentre lies between two major
traces of the San Andreas fault system. This was the largest
earthquake to hit the San Francisco Bay area since 1989, when a 6.9
earthquake killed 63 people and caused $6bn economic loss at that
time.
Sunday's earthquake only caused injuries but no fatalities.
Initial reports show damage to several buildings and
infrastructure, especially in downtown Napa. Several gas and water
lines were broken as a result of the earthquake, and power outages
impacted around 10,000 households. Additionally, the earthquake
caused damage to local wineries, with thousands of bottles broken
and barrels toppled.
Based on preliminary analysis with the information available
shortly after the event, we expect that insured losses are likely
to be around $1.5bn. A significant share of this loss is expected
to come from commercial lines as local wineries have been
impacted.
Earthquake risk in California is one of the major risk classes
in the reinsurance industry and the IRIS Low Volatility Plus Fund
has a meaningful allocation to this risk class. However, we do not
expect an impact on fund performance at currently estimated
industry loss levels."
For further information please contact:
Dexion Capital (Guernsey) Limited
+44 (0) 1481 743940
Christopher Copperwaite
Dexion Capital plc
+44 (0) 20 7832 0900
Robert Peel
Media Enquiries:
Anthony Payne and Max Hilton
Peregrine Communications
Tel (Direct): +44 20 3178 6869 / +44 20 3178 6873
This information is provided by RNS
The company news service from the London Stock Exchange
END
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