XL Group Ltd. estimates that natural catastrophes in fourth-quarter 2016 cost approximately $245 million.
This preliminary estimate is pretax and net of reinsurance and reinstatement premiums, XL said. The loss is split approximately $125 million in the insurance segment and $120 million in the reinsurance segment.
Among the losses contributing to the estimate:
- Hurricane Matthew, $130 million in net losses split evenly between insurance and reinsurance.
- New Zealand earthquakes, $75 million in net losses, with approximately 75 percent in the reinsurance segment.
The company noted that actual losses may differ materially from these preliminary estimates.
XL will release its fourth-quarter and full-year 2016 results with a conference call on Feb. 1, 2017.
Source: XL Group