Weather-related losses impact Axis’ earnings
Ahead of its fourth-quarter earnings report, Axis Capital Holdings Ltd has said its results will be impacted by a pre-tax loss of $140 million for catastrophes and other weather-related events.
The Bermudian-based insurer and reinsurer said those losses are net of estimated reinsurance recoveries and reinstatement premiums.
Included in the number is a pre-tax loss of $93 million attributed to Typhoon Hagibis in Japan. Other weather-related events include the Australian wildfires and weather events in the US.
Axis expects to release its fourth-quarter financial results after the close of the markets on January 29, with a conference call scheduled for the following morning.
The company said it anticipates reporting modest operating income. Its results also include a pre-tax underwriting loss for its reinsurance agriculture business of approximately $29 million, primarily related to poor weather conditions that impacted its US and India books of business.
It also has $14 million of net favourable prior year reserve development, partially offset by loss development attributable to 2017’s Hurricane Irma.
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