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Axis Capital Holdings Ltd. on Tuesday said its preliminary estimate of second-quarter 2016 catastrophe and weather-related pretax losses is $104 million.
The figure, which encompasses $71 million from major natural catastrophes and $33 million from weather events, is net of estimated recoveries from reinsurance and includes the impact of estimated reinstatement premiums, the Pembroke, Bermuda-based company said in a statement.
The company said it was hit by 20 events globally with estimated industry insured losses of more than $19 billion, including roughly $11 billion from major natural catastrophes and $8 billion from weather events.
Major natural catastrophes include the Fort McMurray wildfires in May, the Japanese and Ecuadorian earthquakes in April, and the European floods in May and June, while weather events include multiple U.S. occurrences, including Texas hailstorms in April, according to the statement.
Both the company’s insurance and reinsurance segments contributed to these pretax net losses, Axis said. Within the insurance segment, pretax net losses of $41 million primarily arose from U.S. weather events. Within the reinsurance segment, pretax net losses of $63 million primarily arose from major natural catastrophes, it said.
Axis Capital Holdings Ltd.'s first-quarter net income tumbled 70.8% due largely to weak investment returns, but the Pembroke, Bermuda-based insurer said Wednesday that its pursuit of more attractive business is showing positive signs overall.