AXIS Capital Provides Preliminary Loss Estimate for California Wildfires Impacting Fourth Quarter 2018 Financial Results
Axis Capital Holdings Limited (AXS)
Last axis capital holdings limited earnings: 1/29 04:15 pm
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axiscapital.com
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Source: Business Wire
PEMBROKE, Bermuda--(BUSINESS WIRE)-- AXIS Capital Holdings Limited (“AXIS Capital” or the “Company”) (NYSE:AXS) today announced a preliminary pre-tax loss estimate for California wildfires in the range of $125 million to $150 million, net of estimated recoveries from reinsurance and retrocessional covers and including the impact of estimated reinstatement premiums. The estimate includes losses from aggregate excess of loss reinsurance treaties that were also impacted by losses from other 2018 catastrophe and weather-related events. The Company's loss estimate is consistent with industry insured losses of up to $20 billion. The Company's preliminary pre-tax loss estimate for Hurricane Michael is currently at the upper end of the previously disclosed range of $100 million to $120 million. The Company’s loss estimate is based on its ground-up assessment of losses from individual contracts and treati
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