(Bloomberg) -- Chubb Ltd., the insurer led by Chief Executive Officer Evan Greenberg, said second-quarter catastrophes cost more than the company had planned.

The pretax cost was about $390 million, led by events in North America, and compares with a previous internal projection of $280 million, the Zurich-based company said Tuesday in a statement.

|

Canadian fires, Japan earthquake


Chubb joins Bermuda-based Validus Holdings Ltd. in announcing preliminary catastrophe costs before releasing complete quarterly results. Both companies cited Canadian wildfires along with expenses from an earthquake in Japan.

“The company is providing this estimate in light of the elevated number of natural catastrophes experienced by the industry globally in the quarter, totaling more than 25 events,” Chubb said in the statement.

European floods and an Ecuadorian earthquake also contributed to the sum. The total expense was probably about $315 million after tax, Chubb said. The insurer is scheduled to report results on July 26 and hold a conference call the next day.

Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.