California wildfires cost XL Group $200m
Bermuda-based XL Group estimated the net losses from natural catastrophes for the fourth quarter through Dec. 1, 2017 at approximately $250 million.
The primary driver of this estimate is the impact of the October 2017 wildfires in Northern California of approximately $200 million primarily from the company’s reinsurance segment, according to a Dec. 7 press release.
The preliminary estimates are pre-tax and net of reinsurance, reinstatement and adjustment premiums and redeemable non-controlling interest.
The company’s preliminary estimates are based on its review of individual treaties and policies expected to be impacted, along with available client and industry data.
XL also reconfirmed its previously disclosed overall net losses related to the third quarter 2017 catastrophes.
XL reported pre-tax losses from three hurricanes (Harvey, Irma, Maria) totalling $1.48 billion in the third quarter, net of reinsurance, reinstatement and premium adjustments.
Overall the company made a net loss of $1.04 billion in the third quarter, compared with a profit of $70.6 million in the same period a year earlier.
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