Somewhere between US$105 million and US$115 million in pre-tax catastrophes and other weather-related events net loss awaits AXIS Capital Holdings, if the Bermuda-headquartered insurance group’s first quarter estimate is spot on.
After tax, the Q1 range forecast stands at US$95 million to US$105 million.
In a release, AXIS Capital said its pre-tax net loss approximation for catastrophes and other weather-related events includes US$80 million to US$90 million for winter storms Uri and Viola. This span, added the insurer, is consistent with industry insured losses of approximately US$13 billion to US$14 billion.
Meanwhile AXIS Capital, whose financial results will be discussed during its conference call on April 29, reaffirmed no change to its net loss estimate for COVID-19 in 2020.
Additionally, the company highlighted continuing improvements in its current accident year loss ratios excluding catastrophe and weather-related losses for AXIS Capital’s insurance and reinsurance segments.