Bermuda’s XL Capital Ltd. announced that, based on initial loss reports and preliminary estimates, it expects to receive net claims of approximately $125 million as a result of Hurricane Charley.
“The majority of XL’s claims from the hurricane are expected to come from its Bermuda-based reinsurance unit,” said the announcement. “The financial impact of the hurricane related claims will adversely affect XL’s 3rd quarter results but will not materially affect the Company’s overall financial condition,” it added.
Was this article valuable?
Here are more articles you may enjoy.
Jump Trading Faces $4 Billion Terraform Administrator Suit 
Marijuana’s Move to Schedule III: What it Really Means for Cannabis Insurance 
Flooding in California Leads to Soaked Roads, Water Rescues and 1 Death 
Poorer Americans Dropped Federal Flood Insurance When Rates Rose 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.