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RenRe third-quarter results hit by catastrophe losses

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Bermuda reinsurer RenaissanceRe Holdings Ltd has estimated that losses from certain 2021 catastrophe events will have a net negative impact of approximately $725 million on the company’s third-quarter 2021 results of operations.

This estimate is primarily comprised of net negative impacts of approximately $440 million from Hurricane Ida in August and approximately $210 million from the July severe flooding in North-Western Europe.

In addition, losses from other catastrophe events, as well as aggregate losses associated with these and other events, contributed to the estimated net negative impact.

RenRe’s president and chief executive officer, Kevin O’Donnell, said: “We extend our sympathies to the many people around the world impacted by the quarter’s catastrophic events.

“In another active season for hurricanes, floods and other natural disasters, we are rapidly paying our customers’ claims which helps communities recover and reinforces the value of the protection we provide.

“Looking ahead to 2022, our fortress balance sheet and superior customer relationships should allow us to extend our leadership in the global reinsurance market.”

RenaissanceRe is a global provider of reinsurance and insurance that specialises in matching well-structured risks with efficient sources of capital.

The company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries.

Established in 1993, the company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

Kevin O'Donnell, RenaissanceRe Holdings Ltd president and CEO (Photograph by Glenn Tucker)
Third-quarter impact: RenaissanceRe says this year’s catastrophe events will have a net negative impact of approximately $725 million (File photograph)

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Published October 26, 2021 at 3:44 pm (Updated October 26, 2021 at 5:14 pm)

RenRe third-quarter results hit by catastrophe losses

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