14-10-2020
AXIS Capital Holdings has announced a preliminary first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax ($95 million to $105 million, after-tax).
The pre-tax net loss estimate includes an amount of $80 million to $90 million for winter storms Uri and Viola, principally related to the state of Texas, and is consistent with industry insured losses of approximately $13 billion to $14 billion. The company also reaffirmed no change to its net loss estimate established for the COVID-19 pandemic in 2020.
Separately, AXIS Capital noted continuing improvements in its current accident year loss ratios excluding catastrophe and weather-related losses for its insurance and reinsurance segments consistent with the progress observed in 2020.