AXIS Estimates Q2 Catastrophe Loss At $140M
Bermuda-based AXIS Capital Holdings Limited announced that its preliminary estimate of second quarter 2013 natural catastrophe and weather-related pre-tax losses is $140 million, net of estimated recoveries from reinsurance and including estimated reinstatement premiums. Both the insurance and reinsurance segments of the Company contribute to these pre-tax net losses.
Within the insurance segment, pre-tax net losses of $90 million primarily arose from tornadoes and hailstorms in the U.S. and flooding in Argentina and Canada. Within the reinsurance segment, pre-tax net losses of $50 million primarily arose from flooding in Europe and Canada.
