XL Expect $135 Million Loss From Catastrophes
Bermuda-based XL Group plc today [July 10] announced its preliminary net loss estimate in the second quarter of 2013 of approximately $135 million relating to natural catastrophes.
This estimate is pretax and net of reinsurance and reinstatement premiums, and is split approximately 55% and 45% between the Company’s Insurance and Reinsurance segments, respectively.
Losses contributing to this estimate include flooding in Europe, Argentina and Canada, and tornadoes and hailstorms in the United States. The largest of these events, European flooding, accounts for approximately half of the total preliminary loss estimate.
