Somewhere between $105 million and $115 million in pre-tax catastrophes and other weather-related events net loss awaits AXIS Capital Holdings, if the Bermuda-headquartered insurance group’s first quarter estimate is spot on.
After tax, the Q1 range forecast stands at $95 million to $105 million.
In a release, AXIS Capital said its pre-tax net loss approximation for catastrophes and other weather-related events includes $80 million to $90 million for winter storms Uri and Viola. This span, added the insurer, is consistent with industry insured losses of approximately $13 billion to $14 billion.
Meanwhile AXIS Capital, whose financial results will be discussed during its conference call on April 29, reaffirmed no change to its net loss estimate for COVID-19 in 2020.
Additionally, the company highlighted continuing improvements in its current accident year loss ratios excluding catastrophe and weather-related losses for AXIS Capital’s insurance and reinsurance segments.