DUBLIN, Ireland, Dec. 12, 2012 /PRNewswire/ -- XL Group plc ("XL"
or the "Company") (NYSE: XL) today announced its preliminary net
loss estimate related to Storm Sandy
of $350 million, pretax and net of
reinsurance and reinstatement premiums. Approximately 60% of
the Company's estimated loss relates to the Reinsurance
segment.
Within the Reinsurance segment, the loss estimate is comprised
of approximately 20% for Marine and 80% for Property Reinsurance,
including catastrophe treaty, per risk treaty and facultative
exposures. Within the Insurance segment, the loss estimate is
comprised of approximately 15% for Specialty lines, including
Marine, Fine Art and Specie, and 85% for Property. This loss
estimate is in line with the Company's expectations given the
potential size of this event to the insurance industry as commented
on by the Company during its third quarter earnings call on
November 5, 2012.
The Company's estimate is based on its review of individual
treaties and policies expected to be impacted, along with available
client data. This preliminary estimate involves the exercise of
considerable judgment. Given that the facts are still
developing, as well as the complexities of the nature of the event,
there is considerable uncertainty associated with the loss estimate
of the event and such estimate is accordingly subject to revision
as additional information becomes available. Actual losses
may differ materially from this preliminary estimate.
About XL Group plc
XL Group plc, through its subsidiaries, 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. XL
is the company clients look to for answers to their most complex
risks and to help move their world forward. Its principal
offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin2,
Ireland. To learn more, visit
www.xlgroup.com
This press release contains forward-looking statements about
the estimated impact of Storm Sandy.
Statements that are not historical facts, including statements
about XL's 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 the preliminary nature of
reports and the loss estimate related to Storm Sandy and the other factors set forth in
XL's reports on Form 10-K, Form 10-Q and other documents on file
with the Securities and Exchange Commission. XL undertakes no
obligation to update or revise publicly any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
Contact:
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David Radulski
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Carol Parker Trott
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Investor Relations
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Media Relations
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(203) 964-3470
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(441) 294-7290
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SOURCE XL Group plc