(Bloomberg) – XL Group Plc, the insurer that expanded last year with the purchase of Catlin Group Ltd., said second-quarter catastrophe costs were probably about $240 million pretax, with wildfires in Alberta, Canada, responsible for about half the total.
Flooding in Europe and earthquakes in Japan and Ecuador also contributed to the losses, the Dublin-based company said in a statement Wednesday. The sum includes $140 million in the reinsurance segment and $100 million from primary coverage.
|Costlier-than-average natural disaster claims
XL joins insurers including Chubb Ltd. in releasing preliminary results for a quarter in which the industry was hit by costlier-than-average natural disaster claims. Chubb's pretax costs probably totaled $390 million, the Zurich-based company said Tuesday.
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
Already have an account? Sign In Now
© 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.
