HAMILTON, Bermuda, Jan. 11, 2012 - XL Group plc ("XL" or the
"Company") (NYSE: XL) today announced preliminary net loss
estimates related to the widespread floods in Thailand that reached their highest point
during the quarter ended December 31,
2011 (the "Thailand Floods"). The Company's
preliminary loss estimates, pretax and net of reinsurance and
reinstatement premiums, range from approximately $135 million to $185 million. Approximately
two-thirds of these losses relate to the Company's Insurance
segment. In addition, the Company announced additional losses
of approximately $35 million related
to catastrophe loss events that occurred during the first three
quarters of 2011. The developments on prior quarter
catastrophe loss events relate primarily to second quarter 2011
U.S. tornado activity and third quarter 2011 U.S. windstorms and
subsequent flooding.
The Company's estimates are based on its review of individual
treaties and policies expected to be impacted, along with available
client data. The Company's loss estimates involve the
exercise of considerable judgment and are accordingly subject to
revision as additional information becomes available. Actual
losses may differ materially from these preliminary estimates.
About XL Group plc
XL Group plc, through its subsidiaries, 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. XL
is the company clients look to for answers to their most complex
risks and to help move their world forward. Its principal offices
are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit
www.xlgroup.com
This press release contains forward-looking statements about
the estimated impact of the Thailand Floods and additional losses
related to catastrophe loss events that occurred during the first
three quarters of 2011. 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. Actual results 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 actual results to differ
materially from those in such forward-looking statements include
the preliminary nature of reports and estimates of loss related to
the Thailand Floods and the other factors set forth in XL's reports
on Form 10-K, Form 10-Q and other documents on file with the
Securities and Exchange Commission. XL undertakes no obligation to
update or revise publicly any forward-looking statement, whether as
a result of new information, future developments or
otherwise.
Contact:
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David Radulski
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Carol Parker Trott
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Investor Relations
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Media Relations
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(441) 294-7460
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(441) 294-7290
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SOURCE XL Group plc