DOW JONES NEWSWIRES
XL Group PLC (XL) estimated net losses related to storms in the
midwestern and southeastern U.S., including devastating tornados,
would total $50 million to $75 million.
The property and casualty insurer's estimate was pretax and net
of reinsurance and reinstatement premiums, with the majority
attributable to XL Group's reinsurance segment.
The company, which also provides reinsurance, and its peers have
been stung for over a year by a number of losses that occurred in
New Zealand and Australia, as well as a huge earthquake in Chile
and an earthquake and tsunami and Japan.
Last month, XL Group reported it swung to a first-quarter loss
on wide catastrophe losses from recent natural disasters, and the
company's core losses were deeper than expected.
Shares rose 0.6% to $21.07 in after-hours trading.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com