HAMILTON, Bermuda, Dec. 7, 2017 /PRNewswire/ -- XL Group Ltd ("XL"
and together with its subsidiaries, the "Company") (NYSE: XL) today
announced its preliminary estimate of natural catastrophe net
losses of approximately $250 million
for the fourth quarter through December
1, 2017. The primary driver of this estimate is the
impact of the October 2017 wildfires
in Northern California of
approximately $200 million primarily
from the Company's Reinsurance segment. In addition, this
estimate includes other smaller events through December 1, 2017. These preliminary estimates are
pre-tax and net of reinsurance, reinstatement and adjustment
premiums and redeemable non-controlling interest. The Company
also reconfirmed its previously disclosed overall net losses
related to the third quarter 2017 catastrophes.
The Company's preliminary estimates are based on its review of
individual treaties and policies expected to be impacted, along
with available client and industry data. These preliminary
estimates involve the exercise of considerable judgment. Given that
facts are still developing, as well as the complexities of the
nature of the events, there is considerable uncertainty associated
with the loss estimates for these events and such estimates are
accordingly subject to revision as additional information becomes
available. Actual losses may differ materially from these
preliminary estimates.
About XL Group Ltd
XL Group Ltd (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlgroup.com.
Forward Looking Statements
This press release contains forward-looking statements.
Statements that are not historical facts, including statements
about XL's beliefs, plans or expectations, are forward-looking
statements. These statements are based on current plans, estimates
and expectations, all of which involve risk and uncertainty.
Statements that include the words "expect," "estimate," "intend,"
"plan," "believe," "project," "anticipate," "may," "could," or
"would" and similar statements of a future or forward-looking
nature identify forward-looking statements. XL's actual losses may
differ materially from those included in such forward-looking
statements and therefore you should not place undue reliance on
them. A non-exclusive list of the important factors that could
cause XL's actual losses to differ materially from those in such
forward-looking statements includes (a) changes in the size of the
Company's claims relating to unpredictable natural or man-made
catastrophe losses due to the preliminary nature of some reports
and estimates of loss and damage to date; (b) changes in the number
of insureds and ceding companies impacted or the ultimate number
and value of individual claims relating to the relevant natural
catastrophes due to the preliminary nature of reports and estimates
of loss and damage to date; (c) the timely and full recoverability
of under the relevant reinsurance protection, or other amounts due
to us, or changes to our projections related to such recoverables;
(d) actual loss experience from insured or reinsured events and the
timing of claims payments being faster or the receipt of
reinsurance recoverables being slower than we anticipated; and (e)
the other factors set forth in our reports on Form 10-K and Form
10-Q and other documents on file with the Securities and Exchange
Commission. XL undertakes no obligation to update publicly any
forward looking statement, whether as a result of new information,
future developments or otherwise.
XL intends to use its website as a means of disclosing
material non-public information and for complying with its
disclosure obligations under Regulation FD. Such disclosures will
be included on the website in the Investor Relations section.
Accordingly, investors should monitor such portions of XL's
website, in addition to following its press releases, SEC filings
and public conference calls and webcasts.
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SOURCE XL Group Ltd