AXIS Capital Estimates Q1 Pre-Tax Catastrophe Losses of $105M-$115M

Bermuda-based AXIS Capital Holdings Ltd. announced a preliminary, pre-tax first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, or $95 million to $105 million, after-tax.

The pre-tax net loss estimate includes an amount of $80 million to $90 million for Winter Storms Uri and Viola, principally related to the state of Texas, and is consistent with industry insured losses of approximately $13 billion to $14 billion.

The Company also reaffirmed no change to its net loss estimate established for the COVID-19 pandemic in 2020.

Separately, AXIS Capital noted continuing improvements in its current accident year loss ratios, excluding catastrophe and weather-related losses for its insurance and reinsurance segments consistent with the progress observed in 2020.

Source: AXIS Capital

Photograph: In this Feb. 15, 2021 photo, an electronic message board advises drivers of potential congestion as they drive over snow on Interstate 55 in north Jackson, Miss. Meteorologists blamed the polar vortex for record subzero temperatures that hit Texas and Oklahoma. Greenland was warmer than normal, while snow fell in Greece and Turkey. Photo credit: MAP Photo/Rogelio V. Solis, File)