15 July 2016News

Aspen, XL Group and Argo Group release cat loss estimates for Q2 2016

Aspen Insurance Holdings, XL Group and Argo Group have all issued estimates for their natural catastrophe losses in the second quarter of 2016.

The earthquakes in Japan, wildfires in Canada, flooding in Europe and hailstorms in the US have contributed to aggregated natural catastrophe losses of more than $16 billion.

XL Group’s preliminary net loss estimate attributed to catastrophe events in the second quarter of 2016 is approximately $240 million.

XL Group’s estimate is before tax and net of reinsurance and reinstatement premiums, and is split between approximately $100 million in the Insurance segment and $140 million in the reinsurance segment.

Aspen Insurance Holdings has also made an initial estimate of losses, at approximately $65 million in pre-tax losses, net of reinsurance and reinstatement premiums, related to natural catastrophes in the second quarter of 2016.

Aspen has said the estimated natural catastrophe losses are attributed approximately 75 percent to the reinsurance segment and approximately 25 percent to the insurance segment.

Finally, Argo Group International Holdings has made a preliminary pre-tax loss estimate of $23 million, net of reinsurance and reinstatement premiums for the three-month period ended June 30, 2016.

For all companies the preliminary loss estimates are based on their review of the individual treaties and policies expected to be impacted, along with information from clients and brokers. Actual losses may differ from the preliminary estimates.

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