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Axis expects a net loss of USD 212 million in the third quarter



Axis Capital Holdings Ltd. said late Thursday that it expects its third-quarter results to be hurt by an estimate of a pretax net loss for catastrophes and other weather-related events of $212 million, $186 million after tax, including $160 million for Hurricane Ian.

As a result, the company said it expects to report a small operating income for the third quarter of 2022.

Axis’ insurance segment results include $100 million for Hurricane Ian and $13 million for other weather-related events.

Reinsurance segment results include $60 million for Hurricane Ian, $23 million for European Convective Storms in June and $16 million for other weather-related events, Axis said in a statement.

Axis says its net loss estimate for Hurricane Ian is consistent with industry insured losses of about $60 billion, excluding the National Flood Insurance Program. Loss estimates so far have reached as high as $74 billion.

Axis noted that the actual net loss for this event may ultimately differ materially from current estimates.

Other insurers and reinsurers have also recently issued estimates related to Ian and its third quarter earnings, with Arch Capital Group Ltd. on Wednesday said its third-quarter 2022 results see the impact of $530 million to $560 million for its property/casualty insurance and reinsurance segments due to the impact of Hurricane Ian and other catastrophic events.


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