XL estimates Superstorm Sandy losses at $350M

Residents survey the damage in the Rockaway neighborhood of the Queens borough of New York./ Bloomberg

XL Group P.L.C. on Thursday released a preliminary net loss estimate related to Superstorm Sandy of $350 million.

The Dublin-based insurer and reinsurer said approximately 60% of the estimated loss was incurred by its reinsurance segment. Within that segment, marine policies accounted for approximately 20% of losses, while property reinsurance — including catastrophe treaty, per-risk treaty and facultative exposures — accounted for 80%.

XL's insurance segment incurred the remainder of the estimated loss. Within that segment, property accounted for approximately 85% of losses, and specialty lines accounted for 15%.

The company stressed that the estimates are preliminary.

“This estimate involves the exercise of considerable judgment,” XL said in a statement. “Given that the facts are still developing, as well as the complexities of the nature of the event, there is considerable uncertainty associated with the loss estimate of the event, and such estimate is accordingly subject to revision as additional information becomes available.”