Bermudian-based Axis Capital Holdings Ltd has announced a preliminary first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax ($95 million to $105 million, after-tax).
The company said the pre-tax net loss estimate includes an amount of $80 million to $90 million for Winter Storms Uri and Viola, principally related to Texas, and is consistent with industry insured losses of approximately $13 billion to $14 billion.
The company also reaffirmed no change to its net loss estimate established for the Covid-19 pandemic in 2020.
Separately, AXIS Capital noted continuing improvements in its current accident year loss ratios excluding catastrophe and weather-related losses for its insurance and reinsurance segments consistent with the progress observed in 2020.
The company is set to release its first-quarter results after the close of financial markets on April 28.
Axis Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance.