AXIS Capital Holdings Ltd. is expecting pretax losses of $125 million to $150 million from California wildfires.

The loss estimate is net of estimated recoveries from reinsurance and retrocessional covers and includes the impact of estimated reinstatement premiums. It also includes losses from aggregate excess of loss reinsurance treaties, which were affected by losses from other catastrophe and weather-related events in 2018. The loss estimate is consistent with industry insured losses of up to $20 billion.

Additionally, the preliminary pretax loss estimate for Hurricane Michael is currently at the higher end of the previously disclosed $100 million to $120 million estimate.