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Member, Beacon International Group, Ltd.
Axis Capital Holdings Ltd. said Wednesday that it expects natural catastrophe and weather-related losses of $140 million for the second quarter of this year.
The Pembroke, Bermuda-based insurer said its preliminary, pretax loss estimate affects its insurance and reinsurance segments.
“Within the insurance segment, pretax net losses of $90 million primarily arose from tornadoes and hailstorms in the U.S. and flooding in Argentina and Canada,” Axis said in a statement. “Within the reinsurance segment, pretax net losses of $50 million primarily arose from flooding in Europe and Canada.”
Axis Capital Holdings Ltd. posted a net loss of $18.6 million for the fourth quarter of 2012, compared with a profit of $80.1 million for the fourth quarter of 2011.