Uri and Viola take their toll as AXIS makes preliminary Q1 loss estimate

15-04-2021

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

Bermuda Re