XL Group Estimates a $245M Net Loss for Q4 2016 Natural Catastrophes

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