Chubb Sees $380 Mln in Q1 Pre-Tax Losses from California Mudslides

Chubb Ltd (CB) late Tuesday said it is expecting around $380 million in pre-tax Q1 net losses resulting from natural catastrophes during the first three months of 2018, including mudslides in California this winter.

After-tax, the insurer is expecting around $305 million in losses during Q1.

The California mudslides are seen producing around $125 million in pre-tax losses while separate winter storms that hit large portions of the northeastern United States in early January and March cost another $115 million and $80 million, respectively. The remaining $60 million in pre-tax losses from natural catastrophes occurred globally throughout the quarter, Chubb said, adding its estimates exclude reinsurance reimbursements while including reinstatement premiums.

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