Bermuda domiciled reinsurer, Everest Re, has announced pre-tax catastrophe losses for the third-quarter of 2017, net of reinsurance and reinstatement premiums, of $1.2 billion.
After tax the figure falls to $900 million, and includes estimated losses from hurricanes Harvey, Irma, Maria, and the Mexico earthquakes, and is based on an aggregated industry loss of around $100 billion for the quarter.
The firm notes widespread uncertainty surrounding the losses, but states that it has substantial unused retrocessional capacity, which includes aggregate protections, and that provides cover above the estimated levels.
Commenting on recent events, Everest Re’s President and Chief Executive Officer (CEO), Dom Addesso, said; “Our thoughts are with the people of Texas, Florida, Puerto Rico, the Caribbean and Mexico, as they begin the recovery process. We have long established relationships in these markets, forged over many decades, and together with our clients will stand in support of these efforts. Our robust balance sheet and strong risk management program provides assurance to our clients that Everest will deliver when it matters most.”
The reinsurer also highlights its extensive work with alternative capital vehicles, including catastrophe bonds and its capital markets facility, Mt. Logan Re, as structures that support its management of recent catastrophe events.
