{"id":19113,"date":"2012-01-18T12:01:00","date_gmt":"2012-01-18T12:01:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/axis-capital-provides-initial-estimate-of-losses-for-thailand-floods\/19106\/"},"modified":"2012-01-18T12:01:00","modified_gmt":"2012-01-18T12:01:00","slug":"axis-capital-provides-initial-estimate-of-losses-for-thailand-floods","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/axis-capital-provides-initial-estimate-of-losses-for-thailand-floods\/19113\/","title":{"rendered":"AXIS Capital &#8211; Provides Initial Estimate of Losses for Thailand Floods"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/01\/AXIS.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-19115\" title=\"AXIS\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/01\/AXIS.png\" alt=\"\" width=\"161\" height=\"102\"><\/a>AXIS Capital Holdings Limited (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=AXS\">NYSE: AXS<\/a>)<\/strong> announced that the net financial impact of the severe flooding in Thailand on the Company\u2019s fourth quarter results is expected to be $48 million. This amount is net of reinsurance, taxes and reinstatement premiums.<\/p>\n<p>Further, updated information from the Company\u2019s clients and intermediaries with respect to catastrophe events that occurred in the first three quarters of 2011 is expected to adversely impact fourth quarter results by an aggregate $75 million, net of reinsurance coverage, taxes and reinstatement premiums. Of this amount, $31 million relates to the February earthquake in New Zealand. Another $32 million relates to the Japanese earthquake and tsunami; a significant portion of this amount relates to the Company\u2019s decision to reserve the full limit of its exposure for a large mutual, after consideration of updated loss advices.<\/p>\n<p>The Company\u2019s loss estimates for these events are primarily based on the Company\u2019s ground-up assessment of individual contracts and treaties in the affected regions and are consistent with the Company\u2019s market position in the respective regions impacted by these catastrophe events. Other information considered in developing net loss estimates includes current industry insured loss estimates, market share analysis, catastrophe modeling analysis and limited information from clients, brokers and loss adjusters.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>The Company\u2019s assessment of its exposure to these catastrophe events is ongoing. The actual net financial impact of these catastrophe events may differ materially from the Company\u2019s estimates due to the inherent uncertainties of making such estimates, including, but not limited to, the preliminary nature of available information, regulatory requirements, complications associated with claims adjustment in affected regions, variability associated with coverage definition and potential inaccuracies and inadequacies in data provided by clients and brokers.<\/p>\n<p>AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders\u2019 equity at September 30, 2011 of $5.4 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. Its operating subsidiaries have been assigned a rating of \u201cA+\u201d (\u201cStrong\u201d) by Standard &amp; Poor\u2019s and \u201cA\u201d (\u201cExcellent\u201d) by A.M. Best. AXIS Capital and AXIS Specialty Finance LLC have been assigned senior unsecured debt ratings of A- (stable) by Standard &amp; Poor\u2019s and Baa1 (stable) by Moody\u2019s Investors Service.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-in-green-in-mid-day-trading-2\/19311\"><br \/>\nGold and Silver Prices in Green in Mid-Day Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/comerica-incorporated-record-deposit-levels-of-47-8-billion-at-year-end\/19305\"><br \/>\nComerica Incorporated &#8211; Record deposit levels of $47.8 billion at year-end<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/treehouse-foods-surprised-by-the-sudden-decrease-in-december-volumes\/19303\"><br \/>\nTreeHouse Foods &#8211; Surprised by the sudden decrease in December volumes<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/first-horizon-national-2011-was-another-year-of-significant-progress\/19301\"><br \/>\nFirst Horizon National &#8211; 2011 was another year of significant progress<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/sonoco-implementing-further-cost-reduction-actions-in-response-to-changing-business-conditions\/19300\"><br \/>\nSonoco &#8211; Implementing further cost reduction actions in response to changing business conditions<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/fifth-third-bancorp-2011-results-clearly-demonstrated-continued-improvement\/19298\"><br \/>\nFifth Third Bancorp &#8211; 2011 results clearly demonstrated continued improvement<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/bank-of-marin-bancorp-record-earnings-and-strong-loan-growth-this-year\/19296\"><br \/>\nBank of Marin Bancorp &#8211; Record earnings and strong loan growth this year<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>AXIS Capital Holdings Limited (NYSE: AXS) announced that the net financial impact of the severe flooding in Thailand on the 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