Bermuda-based reinsurer, Everest Re Group, Ltd., has announced estimated pre-tax catastrophe losses, net of reinsurance and reinstatement premiums, of $260 million for the first-quarter of 2021.
The firm’s Q1 cat loss bill primarily relates to the impacts of the Texas winter storms, alongside a minimal amount from the flooding in New South Wales.
Based on an insurance and reinsurance industry loss of approximately $15 billion from the Texas storms, Everest Re expects a cost of $250 million from the event.
Of this, $203 million impacts the performance of the company’s reinsurance segment during the quarter, and $47 million its insurance segment.
The remaining $10 million of Everest Re’s Q1 2021 cat loss estimate relates to the New South Wales flooding and falls solely to the reinsurance segment.
Juan Andrade, Everest Re Group President and Chief Executive Officer (CEO), commented: “Our thoughts and sympathies go out to all those affected by these recent catastrophe events. We are proud to be able to help communities rebuild when events such as these take place.”
Additionally, Everest Re has not added to its Covid-19 loss provision during Q1 2021, which remains at $511 million, of which roughly 80% remains IBNR.