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Axis Capital to post 'modest' Q4'19 operating income

AXIS Capital Holdings Ltd. is expecting to post "modest" operating income for the fourth quarter of 2019.

The company said earnings were affected by a fourth-quarter loss for catastrophes and other weather-related events of $140 million pretax, net of estimated reinsurance recoveries and reinstatement premiums. The amount included a loss of $93 million pretax for Japanese Typhoon Hagibis, primarily attributable to the company's reinsurance segment and consistent with the previously disclosed range, as well as other weather-related events.

Axis Capital's results also include an underwriting loss for its reinsurance agriculture business of approximately $29 million pretax, primarily related to poor weather conditions that affected the U.S. and India books of business. In addition, the results include net favorable prior-year reserve development of $14 million, primarily attributable to motor, credit, surety and political risk, partially offset by loss development attributable to Hurricane Irma, consistent with industry trends.