XL Group faces $130 million in losses from China blast, other perilsReprints
XL Group P.L.C. will face approximately $130 million of exposure from the Tianjin, China, port explosions and natural catastrophe perils, according to initial estimates, the company said in a statement Monday.
The company said it faces approximately $100 in losses from the Aug. 12 port explosions which rocked the city of Tianjin, 70% of which is attributable to the company's reinsurance segment and 30% to insurance, according to the statement.
XL will face third quarter natural peril losses of approximately $30 million, primarily attributable to its reinsurance segment, the statement said. This includes losses from the Sept. 16 Chilean earthquake as well as “prior quarter events the majority of which pertain to the 2015 U.S. Winter Storms,” the statement said.
XL emphasized the figures were preliminary estimates and could change as more information becomes available.
“Given there is currently a wide range of estimates for the extent of total economic and insured industry losses for these events, the company's loss estimates involve the exercise of considerable judgment and are accordingly subject to revision as additional information becomes available,” XL said in its statement.
The company is scheduled to report third quarter results after the close of trading Oct. 26.