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The Florida carrier makes no reserve strengthening in the final quarter after responding to Irma loss creep in the July to September period.
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The carrier said claims would be partially offset by favourable prior year development.
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The resort’s owner said it had settled its dispute with XL, Lloyd’s underwriters and US Fire over a Hurricane Irma claim.
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The troubled commercial specialty unit reports strong renewals price growth but a $647mn full-year loss.
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The carrier said the charge mainly stems from non-core business, including $5.5mn from commercial general liability.
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Projected losses for major local insurers are expected to be below reinsurance retentions, but could rise, with flood warnings still in place.
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The industry association says the vast majority of losses come from property.
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Ciara and Dennis may turn out to be the most significant European windstorm losses since 2018.
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Carriers led by Axa XL are accused of “not acting in good faith” and acting “miserly”.
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The forecast broadly aligns with estimates from rival modelling company AIR.
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The firm returns to the black at underwriting level with a combined ratio of 95.8 percent.
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Group profits slip back due to cat loss reserve strengthening.
