XL Group Announces Preliminary Natural Catastrophe Loss Estimates of $45 Million Related to the Southern California Wildfires and $20 Million Related to Other Events
Total aggregate net loss estimates related to the fourth quarter 2017 catastrophes are
The Company also reaffirmed its previously disclosed aggregate net losses related to the third quarter 2017 catastrophes. Since these events, XL has continued to pay claims and receive reported loss information from its clients and brokers. Ongoing assessment has resulted in approximately 6 percent of the third quarter 2017 aggregate net losses being reallocated from the Reinsurance Segment to the Insurance Segment.
As a result of the reduced US corporate income tax rate enacted as part of the Tax Cuts and Jobs Act of 2017 ("US Tax Reform"), XL expects to recognize a one-time tax charge in the fourth quarter of 2017 related to the revaluation of its net Deferred Tax Asset ("DTA"). This charge is estimated to be approximately
The Company's preliminary loss estimates are based on its review of individual treaties and policies expected to be impacted, along with available client and industry data. These preliminary estimates involve the exercise of considerable judgment. Given that facts are still developing, as well as the complexities of the nature of the events, there is considerable uncertainty associated with the loss estimates for these events and such estimates are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates.
The Company's preliminary assessment of the impact of US Tax Reform is based upon XL's current interpretation thereof and remains subject to further clarifications of US Tax Reform that cannot be estimated at this time, including the issuance of any clarifying technical corrections, regulations and/or supplemental legislation, future interpretations by the
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