NU Online News Service, April 19, 12:43 p.m. EDT
AXIS Capital Holdings' expected financial impact of $285 million from the March 11 Japan earthquake and tsunami headlines the latest round of loss estimates from Bermuda companies.
The specialty insurer says losses from the event are expected to primarily impact the company's reinsurance segment. "The company has assumed a total loss to a significant local reinsurance program that provides coverage to a cooperative mutual with significant market share in the regions affected by the earthquake and tsunami," AXIS Capital says in a statement, adding that the net loss to the company's insurance segment is not expected to exceed $25 million due to reinsurance coverage limiting net retentions in that segment.
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