XL Group announced preliminary net loss estimates for the March 11, 2011 earthquake and tsunami in Japan.
The Company’s preliminary loss estimates related to the Japanese Earthquake and tsunami, pretax and net of reinsurance and reinstatement premiums, range from approximately $190 million to $290 million, with approximately 70 percent attributable to XL’s reinsurance segment. The wide range reflects the continued uncertainty regarding the event, including whether coverage levels will be reached under certain policies.
The Company’s estimates are based on a combination of commercial model outputs and its review of individual treaties and policies expected to be impacted along with available client data. The Company’s loss estimates involve the exercise of considerable judgment due to the complexity and scale of the insured event, and are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates.
Source : XL Group Press Release
