AXIS Capital Holdings has estimated that it made a first quarter pre tax net loss of between $105 million and $115 million related to catastrophes and other weather-related events.
The loss included between $80 million and $90 million for winter storms Uri and Viola, principally related to the state of Texas. It is consistent with industry insured losses of approximately $13 billion to $14 billion.
AXIS also reaffirmed no change to its net loss estimate established for the COVID-19 pandemic in 2020.
It also reported continued improvements in its current accident year loss ratios, excluding catastrophe and weather-related losses, for its re/insurance segments, consistent with the progress observed in 2020.
AXIS Capital, Uri, Viola