AXIS Capital unveils Q1 cat event losses from winter storms Uri and Viola

AXIS Capital Holdings has announced a preliminary first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax ($95 million to $105 million, after-tax).

The pre-tax net loss estimate includes an amount of $80 million to $90 million for winter storms Uri and Viola, principally related to the state of Texas, and is consistent with industry insured losses of approximately $13 billion to $14 billion. The company also reaffirmed no change to its net loss estimate established for the COVID-19 pandemic in 2020.

Separately, AXIS Capital noted continuing improvements in its current accident year loss ratios excluding catastrophe and weather-related losses for its insurance and reinsurance segments consistent with the progress observed in 2020.

The company's results will be discussed during its conference call on Thursday, April 29, 2021 at 9:30 AM (EDT).

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