Reinsurance News

Everest Re anticipating $240m Q3 catastrophe losses

19th October 2018 - Author: Staff Writer

Global reinsurer Everest Re Group has announced preliminary Q3 pre-tax catastrophe losses of an approximately $240 million, net of reinsurance.

Everest LogoThe estimate includes Q3 losses from hurricane Florence, California wildfires, typhoon Jebi, typhoon Trami and Japan floods.

“Our thoughts are with those affected by these devastating catastrophe events,” commented Dom Addesso, the company’s President and Chief Executive Officer.

“Everest’s priority is supporting the needs of our clients and business partners; delivering when it matters most. Due to our diversified Reinsurance and Insurance portfolios, we expect to report a breakeven underwriting result and an operating profit for the third quarter.”

Everest’s estimate follows news that American insurer Travelers’ Q3 results have been boosted by a less volatile cat year relative to 2017, posting an increased net income of $709 million and improved 96.6% consolidated combined ratio (CR).

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While Allstate Corporation, one of the largest primary insurers in the U.S, has announced estimated pre-tax – and likely post-reinsurance, although this is unable to be confirmed – cat losses for Q3 of $625 million ($494 million after-tax).

Furthermore, Global re/insurance firm American International Group (AIG) has pre-announced this morning that it expects to suffer between $1.5 billion and $1.7 billion of cat losses from third-quarter events.

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