XL Group plc announced its preliminary net loss estimate in the second quarter of 2013 of approximately $135 million relating to natural catastrophes. XL said the estimate is “pretax and net of reinsurance and reinstatement premiums,” and is “split approximately 55 percent and 45 percent between the Company’s Insurance and Reinsurance segments, respectively.”
XL cited the “flooding in Europe, Argentina and Canada, and tornadoes and hailstorms in the United States” as the main contributors to the loss estimates. “The largest of these events, European flooding, accounts for approximately half of the total preliminary loss estimate,” XL added.
The bulletin also explained that the “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 these events and such estimate is accordingly subject to revision as additional information becomes available. Actual losses may differ materially from this preliminary estimate.”
XL also announced that it intends to release its Second Quarter 2013 results after the close of regular stock market trading hours on Monday, July 29, 2013. A conference call to discuss the Company’s results will be held at 5 p.m. Eastern Time on Monday, July 29, 2013.
Source: XL Group
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