Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced estimated catastrophe losses of $650 million for the third quarter of 2022, of which the majority, or $540 million relates to hurricane Ian.
Alongside Ian, losses from other catastrophe events in the quarter, as well as the aggregated losses associated with these and other events, contributed to an expected net negative impact on RenRe’s Q3 result.
As a result, RenRe says that it expects to report a net loss attributable to common shareholders for both Q3 2022 and the nine month period ended September 30th, 2022.
The company also expects to report an operating loss attributable to common shareholders for Q3 2022, but says that the operating loss for the nine month period is expected to be modest.
“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,” said Kevin O’Donnell, President and Chief Executive Officer (CEO), RenRe.
“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,” he added.
