NU Online News Service, June 14, 2:31 p.m. EDT
XL Group says April and May tornado-spawning storms in the U.S. are expected to cause losses of between $50 million and $75 million, pretax and net of reinsurance and reinstatement premiums.
The losses will be mostly attributable to XL’s reinsurance segment, the company says. The estimate includes storms that occurred from April 22-28 and from May 20-23.
Earlier this month, AIR Worldwide said losses from storms that occurred May 20-27 could cause insured losses of between $4 billion and $7 billion.
In late May, catastrophe modeler Risk Management Solutions said losses from the April storms will likely be in the range of $3.5 billion to $6 billion.
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