XL’s Preliminary Loss Estimates for Tianjin-$100M, $30M for Others in Q3

XL Group plc announced that its preliminary loss estimates for the Tianjin disaster and other events in the third quarter of 2015 – pretax and net of reinsurance and reinstatement premium – were as follows:

The mid-August 2015 Tianjin, China port explosion estimates are approximately $100 million, of which approximately 30 percent is attributable to the Insurance segment and 70 percent to the Reinsurance segment.

The estimated losses related to natural peril catastrophes for the third quarter of 2015 are approximately $30 million, primarily attributable to the Reinsurance segment. “Natural peril catastrophes included the Chilean earthquake and development on prior quarter events the majority of which pertain to the 2015 US Winter Storms,” XL said.

“The Company’s preliminary loss estimates are 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 total insured market loss estimates, from both published sources and the Company’s internal analyses.

“Given there is currently a wide range of estimates for the extent of total economic and insured industry losses for these events, the Company’s loss estimates involve the exercise of considerable judgment and are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates.

Source: XL Catlin Group