XL Estimates Storm Cost at $50-75m
XL Group today [June 13] announced preliminary net loss estimates related to the severe weather occurrences, including devastating tornado activity, which affected the Midwest and Southeast United States over the periods April 22 – 28 and May 20 – 23, 2011.
XL’s preliminary loss estimates related to the Storms, pretax and net of reinsurance and reinstatement premiums, range from approximately $50 million to $75 million, with the majority attributable to XL’s reinsurance segment.
XL’s estimates are based on its review of individual treaties and policies expected to be impacted along with available client data. 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.
