DUBLIN, Ireland, Oct. 19, 2015 /PRNewswire/ -- XL Group plc
("XL" or the "Company") (NYSE: XL) announced today preliminary loss
estimates for the following events, pretax and net of reinsurance
and reinstatement premium:
- Preliminary estimated losses related to the mid-August 2015 Tianjin, China port explosion are
approximately $100 million, of which
approximately 30% of this is attributable to the Insurance segment
and 70% to the Reinsurance segment; and
- Preliminary estimated losses related to natural peril
catastrophes for the third quarter 2015 of approximately
$30 million, primarily attributable
to the Reinsurance segment. Natural peril catastrophes include the
Chilean earthquake and development on prior quarter events the
majority of which pertain to the 2015 US Winter Storms.
The Company's preliminary loss estimates are based on its review
of individual treaties and policies expected to be impacted and
client data received to date and has taken into account current
total insured market loss estimates, from both published sources
and the Company's internal analyses. Given there is currently a
wide range of estimates for the extent of total economic and
insured industry losses for these events, the Company's loss
estimates involve the exercise of considerable judgment and are
accordingly subject to revision as additional information becomes
available. Actual losses may differ materially from these
preliminary estimates.
XL intends to release its third quarter 2015 results after the
close of regular stock market trading hours on Monday, October 26, 2015. To the extent
available, the Company intends to provide an update regarding these
events on its conference call to discuss third quarter results, to
be held at 5:00 p.m. Eastern Time on
Monday, October 26, 2015.
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.xlcatlin.com and will be archived on the website from
approximately 9:00 p.m. Eastern Time
on October 26, 2015, until
approximately midnight Eastern Time
on November 26, 2015. A telephone
replay of the conference call will also be available beginning at
approximately 9:00 p.m. Eastern Time
on October 26, 2015, until
approximately midnight Eastern Time
on November 26, 2015, by dialing
(203) 369-3734 or (888) 473-0148. The following passcode will be
required: 5670.
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.xlcatlin.com.
This press release contains forward-looking statements about
the estimated impact of the foregoing events and costs. Statements
that are not historical facts, including statements about XL's
estimations, beliefs, plans or expectations, are forward-looking
statements. These statements are based on current plans, estimates
and expectations, all of which involve risk and uncertainty. Actual
results may differ materially from those included in such
forward-looking statements and therefore you should not place undue
reliance on them. A non-exclusive list of the important factors
that could cause actual results to differ materially from those in
such forward-looking statements include (a) changes in the size of
XL's claims relating to natural or man-made catastrophe losses due
to the preliminary nature of reports and loss and damage estimates
to date related to the Tianjin
port explosion, Chilean earthquake and 2015 US Winter Storms; (b)
trends in rates for property and casualty insurance and
reinsurance; (c) the timely and full recoverability of reinsurance
placed by XL with third parties, or other amounts due to XL; (d)
changes in the projected amount of ceded reinsurance
recoverables and the credit ratings and credit worthiness of
reinsurers; (e) actual loss experience from insured or reinsured
events and the timing of claims payments being faster or the
receipt of reinsurance recoverables being slower than anticipated;
(f) greater frequency or severity of claims and loss activity than
XL's underwriting, reserving or investment practices anticipate
based on historical experience or industry data; (g) XL's ability
to successfully implement its business strategy, including the
integration of Catlin; (h) changes in applicable tax laws, tax
treaties or tax regulations or the interpretation or enforcement
thereof; and (i) the other factors set forth in XL's reports on
Form 10-K and Form 10-Q and other documents on file with the
Securities and Exchange Commission. XL undertakes no obligation to
update publicly or revise any forward looking statement, whether as
a result of new information, future developments or otherwise,
except as required by the federal securities laws.
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SOURCE XL Group plc