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XL Group sees preliminary cat losses of $240M in Q2

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XL Group sees preliminary cat losses of $240M in Q2

XL Group Plc'spreliminary net loss estimate for natural catastrophes is about $240 million, pretaxand net of reinsurance and reinstatement premiums, for the second quarter.

The estimate includes about $100 million of losses for the insurance segmentand $140 million of losses for the reinsurance segment.

Natural catastrophes that contributed to the company's estimateinclude wildfires in Canada, flooding in Europe, earthquakes in Japan and Ecuador,and hailstorms in the U.S. The industry is expected to see losses of more than $16billion in the second quarter relating to natural catastrophe events.

The wildfires in and around Ft. McMurray, Alberta, Canada accountfor about $120 million of XL Group's loss estimate and is mainly a loss for thereinsurance segment.