DUBLIN, Ireland, July 13, 2016 /PRNewswire/ -- XL Group plc
("XL" or the "Company") (NYSE: XL) today announced its preliminary
net loss estimate in the second quarter of 2016 of approximately
$240 million relating to natural
catastrophes. This preliminary estimate is pretax and net of
reinsurance and reinstatement premiums and is split approximately
$100 million in the Insurance segment
and $140 million in the Reinsurance
segment.
Losses contributing to this estimate include wildfires in
Canada, flooding in Europe, earthquakes in Japan and Ecuador and hailstorms in the United States among others. In
aggregate, natural catastrophe events are estimated to result in
losses to the (re)insurance industry in excess of $16 billion in the second quarter of 2016.
The largest of these events, the wildfires in and around
Fort McMurray, Alberta Canada,
accounts for approximately $120
million of the Company's total preliminary loss estimate and
is primarily a Reinsurance segment loss. 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 the facts are
still developing, as well as the complexities of the nature of the
events, there is considerable uncertainty associated with the loss
estimates of these events and such estimates are accordingly
subject to revision as additional information becomes available.
Actual losses may differ materially from these preliminary
estimates.
Today the Company also announced that it intends to release its
Second Quarter 2016 results after the close of regular stock market
trading hours on Wednesday, July 27,
2016. A conference call to discuss the Company's results will
be held at 5 p.m. Eastern Time on
Wednesday, July 27, 2016.
The conference call can be accessed through a listen-only
dial-in number or through a live webcast. To listen to the
conference call, please dial (210) 795-0624 or (866) 617-1526:
Passcode: "XL GLOBAL". The webcast will be available at
www.xlgroup.com and will be archived on XL's website from
approximately 9:00 p.m. Eastern Time
on July 27, 2016, through
midnight Eastern Time on August 27, 2016. A telephone replay of the
conference call will also be available beginning at approximately
9:00 p.m. Eastern Time on
July 27, 2016, until midnight Eastern Time on August 27, 2016, by dialing (203) 369-1837 or
(866) 501-5103. The following passcode will be required:
9251.
About XL Group plc
XL Group plc (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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995
("PSLRA") provides a "safe harbor" for forward-looking statements.
This press release contains forward-looking statements that reflect
our preliminary expectations regarding natural catastrophe net loss
estimates for the second quarter of 2016. 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 for purposes of the PSLRA or
otherwise.
All forward-looking statements address matters that involve
risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in our preliminary loss estimates.
We believe that these factors include, but are not limited to, the
following:
- changes in the number of insureds and ceding companies
impacted or the ultimate number and value of individual claims
relating to the second quarter of 2016 natural catastrophe events
due to the preliminary nature of reports and estimates of loss and
damage to date;
- the amount and timing of losses actually incurred and
reported by our insureds or ceding companies;
- the timing and full recoverability of ceded reinsurance or
other amounts due to us, or changes to our projections relating to
such recoverables;
- coverage and regulatory issues; and
- the other factors set forth in Item 1A, "Risk Factors,"
included in our Annual Report on Form 10-K for the year ended
December 31, 2015 and our other
documents on file with the SEC.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included herein or elsewhere.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update
publicly or revise any forward-looking statement, whether as a
result of new information, future developments or
otherwise.
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SOURCE XL Group plc