XL’s Kyrill Losses – $60 to $75 Million

Bermuda’s XL Capital Ltd. announced that, based on current analysis, its pre-tax net loss relating to European Windstorm Kyrill is estimated to be in the range of $60 to $75 million. XL noted that the majority of its losses are expected to come from its reinsurance segment.

“Kyrill’s hurricane-strength winds caused widespread damage and loss of life across Northern and Western Europe on January 18 and 19, 2007,” said the bulletin. “Damage was particularly severe in Ireland, the United Kingdom and Germany.

“The Company’s preliminary loss estimate range is based on its review of individual treaties and policies expected to be impacted and client data received to date and has taken into account current industry loss estimates. There is currently a wide range of industry loss estimates, and many clients are still in the early stages of their exposure evaluations, therefore the Company’s preliminary loss estimate range is subject to revision.”

Topics Profit Loss