Axis Capital Group - Another Group of Sandy Losses; Axis Capital to Bear $300M Impact

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Six more Bermuda-based insurers and another from Switzerland have chimed in with expected catastrophe losses from Superstorm Sandy.

Axis Capital Holdings of Pembroke leads this latest grouping by announcing $300 million as its preliminary estimate of Sandy-related losses, after tax, reinsurance recoveries and reinstatement premiums.

The amount is to be split evenly between the company’s insurance and reinsurance segments, with most losses in the reinsurance side coming from property catastrophe and property per-risk treaty accounts with commercial property exposure.

Axis says it expects to retain all losses in the reinsurance segment.

Losses in the insurance unit are expected to primarily come from commercial property business as well as marine lines, which include cargo recreational marine, fine art and coined-money coverages.

Axis says it expects some recoveries for its property and marine losses. The company retains the first $150 million in losses and 50 percent of the..