XL Group reveals $1.48bn Q3 cat loss

XL Group reveals $1.48bn Q3 cat loss

AIG estimated pre-tax losses of between $2.9 billion and $3.1 billion, with the breakdown of above $1 billion each for Hurricanes Harvey and Irma, $600 million to $700 million from Hurricane Maria and $150 million from other events, including the quake in Mexico.

These preliminary estimates are pre-tax and net of reinsurance, reinstatement and adjustment premiums and redeemable non-controlling interest.

Morgan Stanley analysts said the losses were slightly above their estimate of $2.5 billion, but were manageable as it equated to about 2.6 percent of book value.

Hurricane season in the Atlantic is still in full swing and Morgan Stanley said it expects overall insured losses from this year's catastrophes to approach $100 billion.

Henrico County-based specialty insurance company Markel Corp. said Wednesday that it expects a large underwriting loss because of hurricanes Harvey, Irma and Maria, and the Mexico earthquakes.

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The estimated losses are approximately evenly split between XL Group's insurance and reinsurance units. The company noted that after the events it continues to have significant catastrophe reinsurance protections remaining for 2017 and 2018, including catastrophe bond protections, some of which extend through 2019. Additionally, the ILS fund operations of XL Group, New Ocean Capital Management, will also be facing losses from its collateralized participation in affected reinsurance programs, possibly including XL's own losses.

XL Catlin CEO Mike McGavick said in the statement that "given the specific nature of the events themselves our estimated losses are largely in line with our expectations".

The figure is based on claims received, reviews of policies and in-force contracts, industry loss estimates and predictive modelling notes, Markel said.

Markel's estimate is preliminary and dependent on broad assumptions about coverage, liability and reinsurance.

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