AXIS Capital Estimates Q3 Pre-Tax Catastrophe Losses of $225M-$255M

AXIS Capital Holdings Ltd. announced a preliminary pre-tax net loss estimate in the range of $225 million to $255 million ($190 million to $220 million, after-tax) for third quarter catastrophes and other events.

This net loss estimate relates to Hurricanes Laura and Sally, the derecho in the U.S. Midwest, wildfires across the West Coast of the United States, the Beirut explosion and regional weather events in the United States. The estimated loss is attributable to the company’s insurance and reinsurance segments.

AXIS Capital reported accelerating improvements in pricing across most insurance lines of business. In addition, AXIS Capital noted improving trends in current accident year loss ratios, excluding catastrophe and weather-related losses for its insurance and reinsurance businesses consistent with progress observed in the first half of 2020.

Source: AXIS Capital