AXS Pre-Announcement “Worse Than Expected,” Morgan Stanley Reports
Axis Capital Holdings AXS has pre-announced worse than expected 1Q11 catastrophes, Morgan Stanley reports.
“Australian flood damages of $90-100m were higher than our $50m, New Zealand quake losses of $185-215m exceeded our $179m and initial Japan loss guidance moves our $200m estimate to $284m
(~1.1% share of $12-35b industry loss estimate plus $25m insurance segment losses),” Morgan Stanley writes. “The net effect raises our cat budget from $429m to $580m which puts 1Q11 on track to be the 2nd worst result in AXS history (3Q05 Katrina loss was worse).”
Axis Capital closed Monday at $33.34.
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