XL puts Japan losses at up to $290m

XL Group said its preliminary net loss estimates for the March 11, 2011 earthquake and tsunami in Japan could reach $290m.

The company’s preliminary loss estimates related to the Japanese earthquake and tsunami, pretax and net of reinsurance and reinstatement premiums, range from approximately $190m to $290m, with approximately 70% attributable to XL’s reinsurance segment.

According to XL, the wide range reflects the continued uncertainty regarding the event, including whether coverage levels will be reached under certain policies.

The insurer’s estimates are based on a combination of commercial model outputs and its review of individual treaties and policies expected to be impacted along with available client data.

The insurer’s loss estimates are subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates, it said.