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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—XL Group P.L.C. said its net losses from floods in Thailand could reach as high as $185 million.
XL said Wednesday that the preliminary loss estimates, pretax and net of reinsurance and reinstatement premiums, range from about $135 million to $185 million.
XL also said it has registered additional losses of about $35 million related to catastrophic events that took place during the first three quarters of last year. XL said the developments on prior-quarter losses stemmed primarily from U.S. events—second-quarter tornadoes and third-quarter windstorms and subsequent flooding.
The estimates are based on review of individual treaties and policies expected to be impacted as well as available client data. XL noted that actual losses may differ materially from the preliminary estimates.
Two other insurance and reinsurance groups also announced Thai losses on Wednesday. Arch Capital Ltd. said its losses on the flooding, which ravaged Thailand for months, could range from $35 million to $65 million, while Validus Holdings Ltd. issued a preliminary loss estimate of $55.5 million in Thai flood-related losses.
HAMILTON, Bermuda—Arch Capital Group Ltd. said Wednesday that its fourth-quarter results will be negatively affected by the severe flooding in Thailand, resulting in losses of $35 million to $65 million, net of reinsurance and reinstatement premiums.