AXIS Initial Comments On Third Quarter Results
AXIS Capital Holdings Limited announced a third quarter net loss estimate for catastrophes and other weather-related events of approximately $250 million, pre-tax, [$219 million, after-tax].
A spokesperson said, “The pre-tax net loss estimate includes $175 million for Hurricane Ida, consistent with industry insured losses of approximately $35 billion and $55 million for July European floods, consistent with industry insured losses of approximately $13 billion. In addition, the pre-tax net loss estimate includes $20 million for other catastrophe and weather-related events.
“AXIS Capital also noted continuing improvements in its current accident year combined ratio excluding catastrophe and weather-related losses, consistent with progress observed in the first half of 2021.
“The Company’s net loss estimate is based on its ground-up assessment of losses from individual contracts and treaties exposed to the affected regions, including preliminary information from clients, brokers and loss adjusters. Industry insured loss estimates, market share analyses and catastrophe modeling analyses were also taken into account where appropriate.
“Due to the nature of these events, including the complexity of loss assessment, factors contributing to the losses and the preliminary nature of the information available to prepare this estimate, the actual net loss for these events may ultimately differ materially from this current estimate.
“The Company’s results will be discussed during its conference call on Thursday, October 28, 2021 at 9:30 AM [EDT].”
