CORRECT (4/4): XL Group Estimates Japan Losses At $190 Million To $290 Million

Date : 04/06/2011 @ 11:32AM
Source : Dow Jones News
Stock : XL Grp. Ltd. (XL)
Quote : 46.41  0.13 (0.28%) @ 3:59PM

CORRECT (4/4): XL Group Estimates Japan Losses At $190 Million To $290 Million

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("XL Group Estimates Japan Losses At $190 Mln To $200 Mln," published April 4 at 5:55 p.m. Eastern time, gave the incorrect amount for the loss range in the headline. A correct version follows.)

XL Group PLC (XL) said its preliminary estimate for losses related to the earthquake and tsunami in Japan would range from about $190 million to $290 million.

The property-and-casualty insurer said about 70% of the loss estimate, net of reinsurance and reinstatement premiums, would be attributable to its reinsurance segment.

The company noted that the estimate's range is wide because of "continued uncertainty regarding the event, including whether coverage levels will be reached under certain policies."

Earlier this month, the company also said it could see $70 million to $85 million in losses stemming from a New Zealand earthquake in February.

XL has benefited from smaller investment losses in recent quarters. It said in February that it swung to a fiscal fourth-quarter profit as investment losses plunged and premiums earned at its core business rose.

Shares were down 0.2% at $24.96 in after-hours trading. As of the close of trading Monday, the stock had risen 31% in the past year.

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

 
 

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