XL 2016 Q4 Preliminary Loss Estimate: $245M
XL Group Ltd announced its preliminary net loss estimate in the fourth quarter of 2016 of approximately $245 million relating to natural catastrophes.
This preliminary estimate is pretax and net of reinsurance and reinstatement premiums and is split approximately $125 million in the Insurance segment and $120 million in the Reinsurance segment.
Losses contributing to this estimate include approximately $130 million in net losses from Hurricane Matthew split approximately evenly between Insurance and Reinsurance, and approximately $75 million in net losses from the recent earthquake activity in New Zealand, with approximately 75% of these losses in the Reinsurance segment.
The remainder of the catastrophe losses incurred during the quarter impacted the Insurance segment and were the result of a number of smaller events in the fourth quarter and previous quarters of 2016, none of which was individually significant.
“Given that the facts are still developing, as well as the complexities of the nature of such events, there is considerable uncertainty associated with the loss estimates of these events and such estimates are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates,” XL said
The Company also announced that it intends to release its Fourth Quarter and Full Year 2016 results after the close of regular stock market trading hours on Wednesday, February 1, 2017.
