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XL Says Catastrophes Cost $240 Million, Led by Canada Fires

  • Fires in Alberta likely contributed $120 million to total
  • XL follows Chubb in releasing second-quarter disaster costs
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XL Group Plc, the insurer that expanded last year with the purchase of Catlin Group Ltd., said second-quarter catastrophe costs were probably about $240 million pretax, with wildfires in Alberta, Canada, responsible for about half the total.

Flooding in Europe and earthquakes in Japan and Ecuador also contributed to the losses, the Dublin-based company said in a statement Wednesday. The sum includes $140 million in the reinsurance segment and $100 million from primary coverage.