XL Group estimates $45m cat loss from Southern California wildfires
XL Group has made preliminary estimates of natural catastrophe net losses from the recent wildfires in South California of around $45 million, with a further $20 million relating to other cat events.
The losses are estimated to be evenly split between XL Group's insurance and reinsurance segments.
XL Group's total aggregate net loss estimates from Q4 2017 catastrophes are $315 million. This includes a previously given estimated loss of $250 million relating to the October 2017 Northern California wildfires and other events. The total aggregate loss estimates are pre-tax and net of reinsurance, reinstatement and adjustment premiums and redeemable non-controlling interest.
As a result of the enacted US Tax Reform and the reduced US corporate income tax that comes with it, XL Group expects a one-time tax charge in Q4 2017 related to the revaluation of its net deferred tax asset.
The charge is dependent on XL's results for Q4 2017, but is estimated to be around $98 million based on its net US DTA as of September 30, 2017. It is not expected to have a material impact on XL's average global effective tax rate, and will not affect operating net income.
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