Bermuda-based reinsurer Everest Re Group Ltd. announced that its preliminary loss estimates, net of reinstatement premiums and taxes, for Hurricanes Gustav and Ike are expected to range between $200 million and $220 million.

The company's current estimate for these events is based on underwriters' analyses and judgments, client input and discussion, event modelling and profiling of exposed limits. The company expects it will be several months before relative clarity emerges with respect to its ceding companies' underlying losses.

The reinsurer will release its third-quarter 2008 earnings after close of trading on the NYSE on October 20.