XL Group sees Japan losses of up to $290m
Created: Apr 05, 2011 01:00 AM (Updated: Apr 05, 2011 09:22 AM)
Workers remove a damaged car from the debris at an area devastated by the March 11 earthquake and tsunami in Rikuzentakata, Iwate Prefecture, Japan, Monday, April 4, 2011. (AP Photo/Lee Jin-man)
XL Group plc last night said it expected losses from the Japanese earthquake and tsunami last month to be between $190 million and $290 million.Approximately 70 percent will be attributable to XL’s reinsurance segment.The preliminary loss estimates are pretax and net of reinsurance and reinstatement premiums.The wide range reflects the continueduncertainty regarding the event, including whether coverage levels will be reached under certain policies, the company said.
