(Bloomberg) -- Chubb Ltd., theinsurer led by Chief Executive Officer Evan Greenberg, saidsecond-quarter catastrophes cost more than the company hadplanned.
|The pretax cost was about $390 million, led by events in NorthAmerica, and compares with a previous internal projection of $280million, the Zurich-based company said Tuesday in a statement.
|Canadian fires, Japan earthquake
Chubb joins Bermuda-based Validus Holdings Ltd. in announcingpreliminary catastrophe costs before releasing complete quarterlyresults. Both companies cited Canadian wildfires along with expenses from anearthquake in Japan.
“The company is providing this estimate in light of the elevatednumber of natural catastrophes experienced by the industry globallyin the quarter, totaling more than 25 events,” Chubb said in thestatement.
|European floods and an Ecuadorian earthquake also contributed to thesum. The total expense was probably about $315 million after tax,Chubb said. The insurer is scheduled to report results on July 26and hold a conference call the next day.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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