Bermuda-based reinsurer Everest Re Group has announced its estimated Q3 2020 catastrophe losses.
Everest is estimating pre-tax net catastrophe losses in the amount of $300 million, net of reinsurance and reinstatement premiums.
The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the Midwest United States Derecho windstorm.
Juan C. Andrade, Everest CEO commented: “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.”
This estimate comes in after the reinsurer announced that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc., is set to raise $1 billion of additional capital through a debt issue.
