XL Capital Sees $160 Million-$230 Million Losses From Quake, Storm

Date : 03/17/2010 @ 5:22PM
Source : Dow Jones News
Stock : XL Grp. Ltd. (XL)
Quote : 45.98  -0.38 (-0.82%) @ 5:30PM

XL Capital Sees $160 Million-$230 Million Losses From Quake, Storm

XL Capital (NYSE:XL)
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XL Capital Ltd. (XL) estimated losses of $160 million to $230 million from last month's earthquake in Chile and windstorm in Europe.

The magnitude-8.8 earthquake was one of the strongest on record. Windstorm Xynthia killed dozens of people as it swept across Portugal, Spain, France, Belgium, the Netherlands, Luxembourg and Germany. Both hit in the last weekend of February.

XL's losses from the quake are seen at $140 million to $205 million, with $75 million to $85 million attributable to the insurance segment and $65 million to $120 million to the reinsurance segment. XL expects losses of $20 million to $25 million from the storm, almost exclusively in reinsurance.

Overall, XL put industry losses at $6 billion to $8 billion for the earthquake and $1.5 billion to $3 billion for Xynthia.

The company reported in February that its fourth-quarter loss narrowed as the property-and-casualty insurer's turnaround continued, but investment losses still hit the bottom line. The company, like many in the insurance field, have benefited from a mild hurricane season.

XL shares were flat at $19.46 in after-hours trading. The stock has nearly quintupled over the past year.

-By Jay Miller, Dow Jones Newswires; 212-416-2355; jay.miller@dowjones.com

 
 

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