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AXIS Capital expects pretax catastrophe, weather-related losses of $104M for Q2


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AXIS Capital expects pretax catastrophe, weather-related losses of $104M for Q2

AXIS Capital HoldingsLtd. estimates, on a preliminary basis, that it will see catastropheand weather-related pretax losses in the second quarter of $104 million, net ofestimated recoveries from reinsurance and including the impact of estimated reinstatementpremiums.

Out of the total estimated losses, $71 million is attributableto major natural catastrophes and $33 million is related to weather events.

The company's insurance and reinsurance segments contributedto the pretax net losses. Pretax net losses of $41 million in the insurance segmentare mainly from U.S. weather events, while major natural catastrophes mainly accountfor pretax net losses of $63 million in the reinsurance segment.

AXIS Capital was impacted by 20 events globally, which have estimatedindustry insured losses of more than $19 billion, including roughly $11 billionfrom major natural catastrophes and $8 billion from weather events. The major naturalcatastrophes include the Fort McMurray wildfires, the Japanese and Ecuadorian earthquakesand the European floods, while the weather events include multiple U.S. events,including the hailstorms in Texas.