HAMILTON, Bermuda, Jan. 9, 2017 /PRNewswire/ -- XL Group Ltd ("XL"
or the "Company") (NYSE: XL) today announced its preliminary net
loss estimate in the fourth quarter of 2016 of approximately
$245 million relating to natural
catastrophes. This preliminary estimate is pretax and net of
reinsurance and reinstatement premiums and is split approximately
$125 million in the Insurance segment
and $120 million in the Reinsurance
segment.
Losses contributing to this estimate include approximately
$130 million in net losses from
Hurricane Matthew split approximately evenly between Insurance and
Reinsurance, and approximately $75
million in net losses from the recent earthquake activity in
New Zealand, with approximately
75% of these losses in the Reinsurance segment. The remainder
of the catastrophe losses incurred during the quarter impacted the
Insurance segment and were the result of a number of smaller events
in the fourth quarter and previous quarters of 2016, none
of which was individually significant.
Given that the facts are still developing, as well as the
complexities of the nature of such 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
Fourth Quarter and Full Year 2016 results after the close of
regular stock market trading hours on Wednesday, February 1, 2017. A conference
call to discuss the Company's results will be held at 5 p.m. Eastern Time on Wednesday, February 1, 2017. 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 XL's website from approximately
9:00 p.m. Eastern Time on
February 1, 2017, through
midnight Eastern Time on March 1, 2017. A telephone replay of the
conference call will also be available beginning at approximately
9:00 p.m. Eastern Time on
February 1, 2017, until midnight Eastern Time on March 1, 2017, by dialing (203) 369-3051 or (888)
566-0478.
About XL Group Ltd
XL Group Ltd (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 natural
catastrophe 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 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xl-group-ltd-announces-its-fourth-quarter-2016-preliminary-loss-estimate-for-natural-catastrophes-300388087.html
SOURCE XL Group plc