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Axis estimates $104m in catastrophe losses

Costly storm: a hail-damaged state trooper's vehicle pictured in Texas in April

Axis Capital Holdings Ltd is estimating second-quarter catastrophe and weather-related losses of $104 million.

The Bermudian-based insurer and reinsurer said $71 million of the losses were related to catastrophes such as the Fort McMurray wildfires, the Japanese and Ecuadorean earthquakes and the European floods.

The remaining $33 million of losses were linked to several weather events in the US, notably hailstorms in Texas.

The estimates are pre-tax, net of estimated recoveries from reinsurance and include the impact of estimated reinstatement premiums.

Axis said it was impacted by 20 events around the world.

It added that global industry losses during the quarter topped $19 billion, $11 billion from major natural catastrophes and $8 billion from weather events.

Axis added that its insurance segment took a $41 million hit, primarily from US weather events, while its reinsurance segment estimated mainly catastrophe losses of around $63 million.

Other insurers to have declared second-quarter loss estimates are Chubb ($390 million), XL Catlin ($240 million), Aspen ($65 million), Validus ($60 million) and Endurance ($55.5 million).