XL Capital said it would be hit by a $139m after-tax charge against its fourth quarter earnings as a result of the $75m in pre-tax losses it incurred from the Asian tsunamis and the 2004 hurricane season.
XL estimated pre-tax hurricane losses of $520m, up from $446m, both net of reinstatement premiums.
It noted that around $50m of its tsunami-related losses were absorbed by its insurance business, and the balance by its reinsurance business.
The group said that the charges “will not materially affect” its overall financial condition.
