AXIS Capital Comments on Impact of Hurricane Charley.PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE NYSE See: New York Stock Exchange : AXS AXS Access AXS Anomalous X-Ray Scattering AXS Alpha Chi Sigma AXS Alpha X-Ray Spectrometer AXS Activex Script ) today announced that the estimated net after-tax impact relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its exposure to Hurricane Charley is expected to be between $60 - $80 million. John Charman, AXIS Capital's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "Our estimate is based upon the output of industry models, a review of in-force contracts and preliminary indications from clients and brokers." He added, "Our estimate stems from both our direct insurance business and our reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. portfolio, with the latter primarily incurred in our Global Reinsurance segment. At this time, the majority of our estimate for this segment is attributable to catastrophe treaties, which we would expect for an event with the characteristics of Hurricane Charley." AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. in excess of $3.0 billion and locations in Bermuda, the United States and Europe. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. For more information about AXIS Capital, visit the Company's website at www.axiscapital.com. This release contains forward-looking statements within the meaning of the U.S. federal securities laws. AXIS Capital intends these forward-looking statements to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions for forward-looking statements in the federal securities laws. Forward looking statements only reflect expectations and are not guarantees. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause actual events or results to be materially different from our expectations are set forth under the heading "Risk Factors" in our latest prospectus filed with the Securities and Exchange Commission. AXIS Capital undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion