XL Group likely to record cat loss of nearly $1.5 billion

Bermuda-based insurer and reinsurer XL Group Ltd. said that it is likely to record a net catastrophe loss of nearly $1.5 billion for the third quarter, largely due to outlays for hurricane claims, The Royal Gazette reported. Hurricanes Harvey, Irma and Maria accounted for more than $1.3 billion of the loss. The three storms contributed approximately 25%, 40% and 25%, respectively, to the reinsurer's loss, with 10% related to other catastrophes such as the Mexican earthquakes and typhoon Hato. The net loss is almost evenly split between XL's insurance and reinsurance segments.

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