Bermudian-based RenaissanceRe Holdings Ltd has estimated that losses from certain 2022 catastrophe events will have a net negative impact of approximately $650 million on the company’s third-quarter results.

This estimate is primarily driven by the net negative impact of approximately $540 million from Hurricane Ian, which made landfall on the west coast of Florida on September 28.

In addition, losses from certain other catastrophe events, along with the aggregate losses associated with these and other events, contributed to the estimated net negative impact, RenRe said.

The company expects to report a net loss attributable to common shareholders for both the third quarter and nine months ended September 30.

It added that the operating loss attributable to common shareholders for the nine-month period is expected to be modest.

Kevin J. O’Donnell, the president and chief executive officer, said: “We extend our sympathies to all those impacted by the quarter’s catastrophic events.

“Our purpose is to protect communities and enable prosperity, and we stand ready to pay our customers’ claims to help communities rebuild.

“Looking forward, we have the capital, scale and flexibility to provide our customers with much needed reinsurance in 2023 while creating value for our shareholders.”

The company’s estimates of net negative impact are based on a review of its potential exposures, preliminary discussions with certain counterparties and actuarial modelling techniques.

The actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.