Dublin, Ireland–based XL Group plc says its preliminary net loss estimate related to Superstorm Sandy is $350 million.
The figure, released yesterday, is pretax and net of reinsurance and reinstatement premiums.
Approximately 60 percent of the company's estimated loss relates to the reinsurance segment.
Within the reinsurance segment, the loss estimate is comprised of approximately 20 percent for marine and 80 percent for property reinsurance, including catastrophe treaty, per risk treaty and facultative exposures.
Within the insurance segment, the loss estimate is comprised of approximately 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 expectations given the potential size of this event to the insurance industry as commented on by the company during its third quarter earnings call on Nov. 5.
XL cautioned that while the estimate is based on best available data and is subject to revision as more information becomes available. Actual losses may differ materially from this preliminary estimate.
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