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Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd. is expecting $104 million in catastrophe and weather-related losses in the second quarter of 2016, The Royal Gazette reports.
Axis expects pre-tax net losses of $41 million and about $63 million within its insurance and reinsurance segments, respectively. The Fort McMurray wildfires in Canada, floods in Europe as well as the Japanese and Ecuadorean earthquakes cost Axis $71 million. Several weather events in the United States cost Axis $33 million.