AXIS Capital Estimates Q3 Catastrophe Losses of Up to $175 Million

AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Hurricane Dorian, Japanese typhoons and other weather-related events in the range of $150 million to $175 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums.

The estimate includes full limit losses from aggregate excess of loss reinsurance treaties that were also affected by other 2019 catastrophe and weather-related events. The company’s loss estimate is consistent with industry insured losses of approximately $6 billion for Hurricane Dorian and $8 billion for third quarter Japanese typhoons.

Source: AXIS Capital