AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has estimated that catastrophe losses from the third-quarter of 2021 will cost the company around $250 million, before tax ($219 million, after-tax).
The main contributor to AXIS Capital’s Q3 2021 catastrophe loss burden is, of course, hurricane Ida, which the company expects will cost it roughly $175 million pre-tax.
These estimates are net of reinsurance or retrocession recoveries, and based on a ground-up assessment of losses from individual exposed contracts and treaties covering the affected regions, and include preliminary information from clients, brokers and loss adjusters, the company said.
