XL Puts Preliminary Losses at $60 Million from Germany, France Hail Storms

XL Group plc announced its preliminary net loss estimate related to the series of hailstorms in Germany and France in late July 2013 of $60 million, pretax and net of reinsurance and reinstatement premiums. The majority of these losses relate to the Reinsurance segment.

The Company said its “estimate is based on its review of individual treaties and policies expected to be impacted, along with available client data. This preliminary estimate involves the exercise of considerable judgment.

“Given that the facts are still developing, as well as the complexities of the nature of the events, there is considerable uncertainty associated with the loss estimate of the events and such estimate is accordingly subject to revision as additional information becomes available. Actual losses may differ materially from this preliminary estimate.”

Source: XL Group plc

Topics Profit Loss Windstorm Germany