- Preliminary estimated losses related to the
mid-August 2015 Tianjin, Chinaport explosion are approximately $100 million, of which approximately 30% of this is attributable to the Insurance segment and 70% to the Reinsurance segment; and
- Preliminary estimated losses related to natural peril catastrophes for the third quarter 2015 of approximately
$30 million, primarily attributable to the Reinsurance segment. Natural peril catastrophes include the Chilean earthquake and development on prior quarter events the majority of which pertain to the 2015 US Winter Storms.
The Company's preliminary loss estimates are based on its review of individual treaties and policies expected to be impacted and client data received to date and has taken into account current total insured market loss estimates, from both published sources and the Company's internal analyses. Given there is currently a wide range of estimates for the extent of total economic and insured industry losses for these events, the Company's loss estimates involve the exercise of considerable judgment and are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates.
XL intends to release its third quarter 2015 results after the close of regular stock market trading hours on
The conference call can be accessed through a listen-only dial-in number or through a live webcast. To listen to the conference call, please dial (210) 795-0624 or (866) 617-1526: Passcode: "XL GLOBAL". The webcast will be available at www.xlcatlin.com and will be archived on the website from approximately
This press release contains forward-looking statements about the estimated impact of the foregoing events and costs. Statements that are not historical facts, including statements about XL's estimations, 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 (a) changes in the size of XL's claims relating to natural or man-made catastrophe losses due to the preliminary nature of reports and loss and damage estimates to date related to the
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David Radulski, Investor Relations, (203) 964-3470 or Elliott Bundy, Media Relations, (203) 674-6932; XL House, 8 St. Stephen's Green, Dublin 2, Ireland, Phone: +353 (0)1 400 5500, Fax: +353 (0)1 405 2033, www.xlcatlin.com