XL Estimates Thai Floods Up To $185M
XL Group plc announced preliminary net loss estimates related to the widespread floods in Thailand that reached their highest point during the quarter ended December 31, 2011.
The Company’s preliminary loss estimates, pretax and net of reinsurance and reinstatement premiums, range from approximately $135 million to $185 million. Approximately two-thirds of these losses relate to the Company’s Insurance segment.
In addition, the Company announced additional losses of approximately $35 million related to catastrophe loss events that occurred during the first three quarters of 2011. The developments on prior quarter catastrophe loss events relate primarily to second quarter 2011 U.S. tornado activity and third quarter 2011 U.S. windstorms and subsequent flooding.
The Company’s estimates are based on its review of individual treaties and policies expected to be impacted, along with available client data. Actual losses may differ materially from these preliminary estimates.
