Axis Capital Holdings Ltd. estimated on Tuesday its preliminary net loss for disasters and other events in the third quarter at $ 190 million to $ 220 million after tax.
The estimate relates to Hurricanes Laura and Sally, Midwest derecho, West Coast fires, the Beirut explosion and regional weather events in the United States, and is attributable to Pembroke, the Bermuda – based company's insurance and reinsurance segment, Axis said in its statement.
Axis also said that there is no change in its estimate of net losses related to first-party coverage established for the COVID-19 pandemic in the first quarter of 2020.
The insurer and reinsurer said they had seen "accelerating improvements in pricing for most branches of insurance "and" improved trends in current accident loss quotas excluding disaster and weather-related losses for its insurance and reinsurance companies, in line with progress observed in the first half of 2020. "
Axis plans to report third quarter results his conference call on October 29.
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