New chief data officer for XL Catlin
Bermuda-based XL Group has estimated that it could face net losses of approximately $245 million relating to natural catastrophes in the fourth quarter of 2016.
It estimates the losses, which are pre-tax and net of reinsurance and reinstatement premiums, will be split approximately $125 million in the insurance segment and $120 million in the reinsurance segment.
The losses include approximately $130 million in net losses from Hurricane Matthew split evenly between insurance and reinsurance, and $75 million in net losses from the recent earthquake activity in New Zealand, with approximately 75 percent of these losses in the reinsurance segment.
The remainder of the catastrophe losses incurred during the quarter impacted the insurance segment and were the result of a number of smaller events in the fourth quarter and previous quarters of 2016, none of which was individually significant.
The company stressed that there is considerable uncertainty associated with the loss estimates and such estimates are accordingly subject to revision as additional information becomes available.
XL Group, Fourth quarter, Results, Insurance, Reinsurance, Bermuda, UK