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AIG sees third-quarter catastrophe losses of $1.5 billion-$1.7 billion

Reuters
Brian Duperreault, President and Chief Executive Officer (CEO) of American International Group (AIG) speaks at the UJA-Federation of New York General Insurance Annual Event in New York City, New York, U.S., June 5, 2018. REUTERS/Mike Segar

(Reuters) - Insurer American International Group Inc (NYSE:AIG - News) said on Thursday it expects third-quarter pre-tax catastrophe losses, net of reinsurance, of between $1.5 billion and $1.7 billion.

The losses are largely related to typhoons in Japan as well as Hurricane Florence, which slammed North and South Carolina last month. Revisions to estimates associated with mudslides in California also contributed to losses, AIG said.

The insurer said initial pre-tax loss estimates for Hurricane Michael were about $300 million to $500 million, which will be recorded in the fourth quarter. Hurricane Michael caused destruction in Florida and six other U.S. states this month.

AIG estimated it has exhausted about $700 million of the $750 million retention under its North American aggregate catastrophe reinsurance program.

The company reports third-quarter results on Nov. 1.

Its shares fell 3.3 percent to $47 in extended trading on Thursday.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar)