Axis estimates second-quarter catastrophe losses at $90M-$105M

PEMBROKE, Bermuda—Axis Capital Holdings Ltd. said Thursday that it expects to sustain net losses of $90 million to $105 million as a result of catastrophes in the second quarter of the year.

Pembroke, Bermuda-based insurer and reinsurer Axis said New Zealand’s June earthquake is expected to result in losses of $30 million to $35 million, while the cumulative losses from tornadoes and other severe weather in the United States during the second quarter could range from $60 million to $70 million.

First-quarter numbers updated

Axis also said it had reviewed updated information “and expects a negative net financial impact of approximately $20 million due to an increase in the aggregate net loss estimate” for first-quarter catastrophes. But it added that favorable developments in net loss estimates for the first-quarter tsunami and earthquake in Japan and catastrophes in Australia are expected to “largely offset” an increase in the net loss estimate for the Christchurch, New Zealand, earthquake in February.

In April, AXIS had estimated that it would sustain about $285 million in net losses from the Japanese earthquake.