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Everest Re estimates $300m catastrophe hit

Destructive storm: damage caused by Hurricane Laura in the southern US was one of the events generating claims for Everest Re in the third quarter (Photograph by Callaghan O'Hare/The Washington Post)

Everest Re Group Ltd expects to take a $300 million hit to its third-quarter results from a string of natural disasters.

The Bermudian-based reinsurer said the pre-tax, net estimate includes the impact of hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the derecho windstorm in the US Midwest.

Juan Andrade, Everest Re’s chief executive officer, said: “Our thoughts and sympathies go out to all those affected by these recent catastrophe events.

“Everest provides meaningful capacity and valuable solutions to our customers, helping communities rebuild when events such as these take place.

“Despite the industry catastrophe losses during the quarter, Everest expects to report significant net income and positive net operating income for the third quarter of 2020, a reflection of the strength and diversification of our business.”

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Published October 23, 2020 at 12:32 am (Updated October 23, 2020 at 12:32 am)

Everest Re estimates $300m catastrophe hit

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