AXIS Capital hit by $255m cat loss in Q3 due to storms and wildfires

Bermuda-based re/insurer AXIS Capital Holdings expects to take a pre-tax $225 million to $255 million (after-tax $190 million to $220 million) hit from losses related to the third quarter catastrophes and other events.

The net loss estimate relates to Hurricanes Laura and Sally, the Midwest derecho, wildfires across the West Coast of the US, the Beirut explosion and regional weather events in the US, 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.

In Q3 2020, AXIS reported "accelerating improvements in pricing across most insurance lines of business". It also 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.