RenRe Expect Q3 Catastrophe Loss Of $155M

October 18, 2018 | 0 Comments

Bermuda-based RenaissanceRe Holdings announced it currently estimates that losses from third quarter 2018 catastrophe events will have an estimated net negative impact of approximately $155 million on its third quarter 2018 results of operations.

“The estimated losses for these events are primarily driven by Typhoon Jebi and Hurricane Florence, which will have an estimated net negative impact of approximately $70 million and $55 million, respectively,” the company said.

“Losses from the other third quarter 2018 catastrophe events, including Typhoons Mangkhut and Trami, and the California wildfires, will have an estimated net negative impact of approximately $30 million. The Company expects to report modest net income available to common shareholders for the third quarter of 2018.”

Kevin J. O’Donnell, CEO of RenaissanceRe, commented: “It was an active quarter for catastrophic events around the world, most notably in Japan and the United States, and we extend our sympathies to all those affected.

“Consistent with our 25-year track record as a global reinsurer, we stand ready to support all of our cedents by rapidly paying their claims and continuing to deliver on our promise to provide superior customer relationships.”

The Company said “meaningful uncertainty regarding the estimates and the nature and extent of the losses from the catastrophe events in the third quarter of 2018 remains,” so the Company’s actual net negative impact may vary from these preliminary estimates, perhaps materially.

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