AXIS Estimate Q3 Losses Of $225 – $255M
Bermuda-based AXIS Capital Holdings announced a preliminary pre-tax catastrophe loss estimate for the third quarter of 2020 in the range of $225 million to $255 million.
A spokesperson said, “AXIS Capital Holdings Limited [AXIS Capital] today announced a preliminary net loss estimate in the range of $225 million to $255 million, pre-tax [$190 million to $220 million, after-tax] for third quarter catastrophes and other events.
“This net loss estimate relates to Hurricanes Laura and Sally, the Midwest derecho, wildfires across the West Coast of the United States, the Beirut explosion and regional weather events in the United States, and is attributable to the Company’s insurance and reinsurance segments.
“The Company also reaffirmed no change to its net loss estimate associated with first party coverages established for the COVID-19 pandemic in the first quarter of 2020.
“AXIS Capital reported accelerating improvements in pricing across most insurance lines of business. In addition, AXIS Capital noted improving trends in current accident year loss ratios excluding catastrophe and weather-related losses for its insurance and reinsurance businesses consistent with progress observed in the first half of 2020.”
