XL Group PLC (XL) said its preliminary estimate for losses
related to the earthquake and tsunami in Japan would range from
about $190 million to $290 million.
The property-and-casualty insurer said about 70% of the loss
estimate, net of reinsurance and reinstatement premiums, would be
attributable to its reinsurance segment.
The company noted that the estimate's range is wide because of
"continued uncertainty regarding the event, including whether
coverage levels will be reached under certain policies."
Earlier this month, the company also said it could see $70
million to $85 million in losses stemming from a New Zealand
earthquake in February.
XL has benefited from smaller investment losses in recent
quarters. It said in February that it swung to a fiscal
fourth-quarter profit as investment losses plunged and premiums
earned at its core business rose.
Shares were down 0.2% at $24.96 in after-hours trading. As of
the close of trading Monday, the stock had risen 31% in the past
year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com