Dublin, Ireland–based XL Group plc says its preliminary net lossestimate related to Superstorm Sandy is $350 million.
|The figure, released yesterday, is pretax and net of reinsuranceand reinstatement premiums.
|Approximately 60 percent of the company's estimated loss relatesto the reinsurance segment.
|Within the reinsurance segment, the loss estimate is comprisedof approximately 20 percent for marine and 80 percent for propertyreinsurance, including catastrophe treaty, per risk treaty andfacultative exposures.
|Within the insurance segment, the loss estimate is comprised ofapproximately 15 percent for specialty lines, including marine,fine art and specie, and 85 percent for property.
|This loss estimate is in line with the company's expectationsgiven the potential size of this event to the insurance industry ascommented on by the company during its third quarter earnings call on Nov. 5.
|XL cautioned that while the estimate is based on best availabledata and is subject to revision as more information becomesavailable. Actual losses may differ materially from thispreliminary estimate.
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