XL: Germany, France hailstorms to cost $60m
XL Group says July hailstorms in Germany and France cost the company about $60-million before tax.
The re/insurer, led by CEO Mike McGavick, said most of the losses were in the reinsurance segment.
PartnerRe has previously said it estimated the cost of the storms in the last week of July will be between $50 million and $60 million pre-tax and net of retrocession and reinstatement premiums.
PartnerRe said the losses will be recorded in the company's third quarter 2013 results. And the majority of the losses are expected to impact the company's Catastrophe sub-segment.