AXIS Kyrill Losses at $40-$55 Million

Bermuda’s AXIS Capital announced that its expects net losses related to Windstorm Kyrill to be between $40 and $55 million, principally from its reinsurance segment.

AXIS noted that Kyrill “produced damaging winds across Europe,” and was the “most significant storm to affect Europe for several years, causing damage predominantly in Germany as well as in the U.K., Belgium, the Netherlands, Austria, Poland and the Czech Republic.”

AXIS put its estimates of overall insured market losses over a very wide range – from $3 billion to $10 billion.

The Company said its own “estimated range is based on a review of in-force contracts and preliminary loss information from clients. At this time, any forecasts regarding the losses to be expected from the windstorm are a matter of considerable uncertainty. AXIS Capital’s actual losses may ultimately differ materially from these estimates.”