Everest Re posts cat losses of $635 million
Everest Re Group Ltd has estimated total pre-tax net catastrophe losses of $635 million for the third quarter.
The announcement was made by the Bermuda-based global re/insurer today, in advance of its full quarterly earnings to be released on October 27.
The preliminary estimates are comprised of losses related to Hurricane Ida and the European floods in July.
Everest Re is estimating a loss of $415 million in relation to Ida, including $335 million in its reinsurance segment and $80 million in its insurance segment.
The company estimates a loss of $220 million in relation to the flooding, all of it in Everest’s reinsurance segment.
All amounts are net of recoveries and reinstatement premiums, the company said.
For Hurricane Ida, Everest is estimating insured industry losses of approximately $28-30 billion.
Everest is estimating insured industry losses of approximately $12 billion for the July European floods.
Juan C Andrade, president and CEO of Everest Re Group, said: “The widespread impact of natural catastrophes in the third quarter has affected communities around the world.
“Our thoughts are with all of those affected, and we stand ready to help our customers and communities as they rebuild, recover and emerge even stronger.”
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