XL Group announced preliminary loss estimates for the following events, pretax and net of reinsurance and reinstatement premium
Preliminary estimated losses related to the mid-August 2015 Tianjin, China port explosion are approximately $100 million, of which approximately 30% of this is attributable to the Insurance segment and 70% to the Reinsurance segment;
Preliminary estimated losses related to natural peril catastrophes for the third quarter 2015 of approximately $30 million, primarily attributable to the Reinsurance segment. Natural peril catastrophes include the Chilean earthquake and development on prior quarter events the majority of which pertain to the 2015 US Winter Storms.
The Company’s preliminary loss estimates are based on its review of individual treaties and policies expected to be impacted and client data received to date and has taken into account current total insured market loss estimates, from both published sources and the Company’s internal analyses.
Given there is currently a wide range of estimates for the extent of total economic and insured industry losses for these events, the Company’s loss estimates involve the exercise of considerable judgment and are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates.
XL intends to release its third quarter 2015 results after the close of regular stock market trading hours on Monday, October 26, 2015.
XL Group, through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world.