AXIS Capital Holdings Ltd. predicts between $125 million and $150 million in pre-tax losses for the 2018 fourth quarter stemming primarily from California wildfires.

AXIS said that the preliminary estimate is net of estimated recoveries from reinsurance and retrocessional covers and includes the impact of estimated reinstatement premiums.

The projection also includes losses from aggregate excess of loss reinsurance treaties that were also impacted by losses from other 2018 catastrophe and weather-related events. The company’s loss estimate is consistent with industry insured losses of up to $20 billion.

AXIS’s preliminary pre-tax loss estimate for Hurricane Michael is currently at the upper end of the previously disclosed range of $100 million to $120 million.

Source: AXIS Capital