XL seeing red from a string of disasters

XL seeing red from a string of disasters

13 October 2011

published by www.hartfordbusiness.com

USA — Insurer XL Group PLC, with Hartford operations, says a litany of damage claims from storms, floods and wildfires in Texas and Europe will drive its third-quarter earnings into the red to the tune of $90 million to $120 million.

XL blamed its preliminary loss estimate on a series of catastrophic events in the third quarter, among them Hurricane Irene, Tropical Storm Lee, the September Texas wildfires, and the July Danish floods.

This year hasn’t been kind to XL’s insurance portfolio. It posted a worse-than-expected loss of $387.4 million in the first quarter due largely to casualty claims stemming from the Japanese earthquake and tsunami last March.

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