AXIS reports Q4 $140m pre-tax loss for catastrophes and other weather events

AXIS Capital Holdings has said it anticipates reporting modest operating income for the fourth quarter of 2019. The company's results were impacted by a pre-tax loss for catastrophes and other weather-related events of $140 million, net of estimated reinsurance recoveries and reinstatement premiums in the fourth quarter.

This amount included a pre-tax loss for Japanese Typhoon Hagibis of $93 million, primarily attributable to the company's reinsurance segment, consistent with the previously disclosed range.

Other weather-related events included Australian wildfires and regional weather events in the United States.

The company's results also included a pre-tax underwriting loss for its reinsurance agriculture business of approximately $29 million primarily related to poor weather conditions that impacted the company's United States and India books of business.

In addition, the company's results included net favourable prior year reserve development of $14 million primarily attributable to motor, credit, surety and political risk, partially offset by loss development attributable to Hurricane Irma, consistent with industry trends.

After consideration of these items, AXIS Capital noted further improvements in pricing and performance in core insurance lines in the fourth quarter.