XL Expect $350M Loss From Hurricane Sandy
XL Group plc today announced its preliminary net loss estimate related to Storm Sandy of $350 million, pretax and net of reinsurance and reinstatement premiums. Approximately 60% of the Company’s estimated loss relates to the Reinsurance segment.
Within the Reinsurance segment, the loss estimate is comprised of approximately 20% for Marine and 80% for Property Reinsurance, including catastrophe treaty, per risk treaty and facultative exposures. Within the Insurance segment, the loss estimate is comprised of approximately 15% for Specialty lines, including Marine, Fine Art and Specie, and 85% for Property.
This loss estimate is in line with the Company’s expectations given the potential size of this event to the insurance industry as commented on by the Company during its third quarter earnings call on November 5, 2012.
