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.

Major storm causes chaos in Durban, South Africa
Terminal and rail operations have been suspended to ensure the safety of people and equipment. The inclement weather is also expected to disrupt operations at the Port of Richards Bay.

Nadal, Federer cruise into Shanghai Masters quarterfinals
Sixth-seeded Grigor Dimitrov also advanced, but had to save three match points before beating Ryan Harrison 3-6, 6-3, 7-6 (6). Zverev has already joined Federer and Shanghai top seed Rafael Nadal in the field for next month's ATP Finals in London.

San Juan Mayor Calls Trump 'Hater In Chief' Over Puerto Rico Tweets
Shame on you!" It has killed at least 45 people, and about 85 percent of Puerto Rico residents still lack electricity. The mayor tweeted that Trump is "incapable of fulfilling the moral imperative to help the people of PR.

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.

Related Articles

  • Most pro sports teams have stopped staying at Trump hotels

    Most pro sports teams have stopped staying at Trump hotels

    Citing team policy, the Pelicans said Thursday that they don't reveal hotel plans for security purposes. Seventeen teams stayed at a Trump hotel within the past seven years, according to the report .
    Sessions Gives Sanctuary Cities a Final Warning

    Sessions Gives Sanctuary Cities a Final Warning

    The police memo , dated May 17, 2001, is created to encourage immigrants to utilize city services without fear of reprisal. The feds also take issue with a city executive order saying cops shouldn't inquire about New Yorkers' immigration status.
    Two Lashkar terrorists killed by security forces in J&K's Bandipora

    Two Lashkar terrorists killed by security forces in J&K's Bandipora

    He said the two Indian Airforce Garud personnel who were injured in the gunfight with militants later succumbed to their injuries. Later police launched a search operation in Ladoora area that turns into the gun battle between terrorists and security forces.
  • Man City will never give up on Lionel Messi

    Man City will never give up on Lionel Messi

    And despite Barcelona claiming an agreement has been struck, Messi is yet to put pen-to-paper on the deal. Some things just aren't meant to change.
    Trump interview with Hannity in Harrisburg: How to watch

    Trump interview with Hannity in Harrisburg: How to watch

    The national debt , which he correctly states is $20 trillion, is the result of the government spending more than it takes in. And stock market gains are on paper (though one can borrow against them without selling).

    Canadian National Railway Company (CNR) Given Average Rating of "Buy" by Brokerages

    It is positive, as 9 investors sold TPRE shares while 19 reduced holdings. 104 funds opened positions while 426 raised stakes. On average, equities analysts forecast that Canadian National Railway will post $5.11 EPS for the current fiscal year.
  • Anadarko Petroleum Corporation (NYSE:APC) Stock Closed Over Its 50 Day Average

    Anadarko Petroleum Corporation (NYSE:APC) Stock Closed Over Its 50 Day Average

    The stock's average target of $72 is 49.97% above today's ($48.01) share price. 9/22/2017-Scotiabank Reiterated Rating of Buy. In the most updated research from a number of analysts on Wall Street, the company gets 2 Buys and 0 Sell among 3 analysts.
    Do Analysts See Any Upside to HP Inc. (NYSE:HPQ)?

    Do Analysts See Any Upside to HP Inc. (NYSE:HPQ)?

    If you take a peek at Cooper Tire & Rubber Company (NYSE: CTB ), you may spot some reasons to watch the retail space for value. The stock has a 50 day moving average price of $31.88 and a 200-day moving average price of $33.54. 70,952 are held by Sei.
    Melania Trump Slams Ivana Trump for Calling Herself 'First Lady'

    Melania Trump Slams Ivana Trump for Calling Herself 'First Lady'

    Of the children that she says have " high of the best ways " to be as " fabulous ". They thought that if she loves her father, it can't be as terrible .
  • Donald Trump refuses to commit to trade pact — NAFTA

    Donald Trump refuses to commit to trade pact — NAFTA

    The National Automobile Dealers Association said it was concerned about any changes that would make cars costlier. Donald Trump campaigned on protectionism and blasted Mexicans throughout his campaign to become president.
    Eminem looks to

    Eminem looks to "stomp" Trump with lyrical tirade

    National Football League star Colin Kaepernick took to Twitter to thank Slim Shady for his shoutout in the freestyle. James Corden also imagined Trump's rap-response to Eminem's diss track, which borrowed from "The Real Slim Shady".
    Bharti Airtel, Tata to merge consumer mobile businesses

    Bharti Airtel, Tata to merge consumer mobile businesses

    The venture was also incurring cash losses on a monthly basis. "It's a very big positive for Tata Group and Chandra". A court case followed and in June 2016 an worldwide arbitration court ordered Tata to pay $1.17 billion in damages.