XL Estimates $350M in Sandy Storm Losses

XL announced its preliminary net loss estimate related to Storm Sandy of $350 million, pretax and net of reinsurance and reinstatement premiums.

Approximately 60 percent of the Company’s estimated loss relates to the reinsurance segment.

Within the reinsurance segment, the loss estimate is comprised of approximately 20 percent for marine and 80 percent for property reinsurance, including catastrophe treaty, per risk treaty and facultative exposures.

Within the insurance segment, the loss estimate is comprised of approximately 15 percent for specialty lines, including marine, fine art and specie, and 85 percent for property.

Source: XL Group