Everest Estimates NZ Quake: Up to $210m
Everest Re Group, Ltd. announced today its preliminary loss estimate for exposures relating to the New Zealand earthquake in February. Their initial pre-tax loss estimate, net of reinstatement premiums, is in the range of $140 million to $210 million.
Everest also expects gross losses of $45 million in the first quarter due to storms and flooding across Australia, which on a net after-tax basis would amount to approximately $37 million. Losses arising from Cyclone Yasi are expected to be relatively immaterial.
Commenting on the devastating earthquake in Japan last week, Joseph V. Taranto, the Company’s Chairman and Chief Executive Officer, said, “Our thoughts and sympathies are with the people of Japan as they deal with these tragic events. We have long relationships in the Japanese market and remain committed to providing our support during this most difficult time.”
Mr. Taranto further commented, “While we expect this loss to be significant, it is still too early to provide a reasonable or reliable estimate considering the fluidity of the situation. Nonetheless, given the strength of our balance sheet and our core earnings, we have ample capacity to withstand the events that occurred during the first quarter and to continue to support our clients.”
