XL Estimates Q3 Losses: $90/120M
XL Group plc announced preliminary net loss estimates of approximately $90 million to $120 million related to catastrophe loss events in the third quarter of 2011, including Hurricane Irene, Tropical Storm Lee, the September Texas Wildfires and the July Danish Floods.
A statement released by the Company said, “Approximately three quarters of these losses relate to the Company’s Insurance segment. The Company’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.”
If only we had gotten rid of those darn “term limits” … companies would than have the ability to chase away storms, floods, and hurricanes..