RenRe estimates $155m in catastrophe losses
RenaissanceRe Holdings Ltd has estimated catastrophe losses of $155 million for the third quarter.
The Bermudian reinsurer said Typhoon Jebi, which battered southern and central areas of Japan last month, would have a negative impact of about $70 million on its third-quarter results.
RenRe puts its losses related to Hurricane Florence, which impacted North and South Carolina last month, at about $55 million.
Losses from the other third quarter 2018 events, including Typhoons Mangkhut and Trami, and the California wildfires, will have an estimated net negative impact of approximately $30 million, RenRe said.
Despite the losses, RenRe added it expected to report modest net income available to common shareholders for the third quarter of 2018.
Kevin O'Donnell, CEO of RenaissanceRe, said: “It was an active quarter for catastrophic events around the world, most notably in Japan and the US, and we extend our sympathies to all those affected.
“Consistent with our 25-year track record as a global reinsurer, we stand ready to support all of our cedants by rapidly paying their claims and continuing to deliver on our promise to provide superior customer relationships.”
Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest.
RenRe said the estimates were preliminary and could change, given the uncertainty around the extent of the losses at this stage.