XL Estimate Germany, France Hailstorms Loss
XL Group said its preliminary net loss estimate related to the series of hailstorms in Germany and France in late July 2013 is about $60 million, pretax and net of reinsurance and reinstatement premiums. The majority of these losses relate to the Reinsurance segment, the Company said
According to catastrophe modeling firm AIR Worldwide, losses for the hailstorm in Germany could are exceed $1.7 billion, with some estimates of up to $2 billion, making this the second largest hail event after the devastating 1984 Munich hailstorm.
