Everest Re, AXIS & Arch Q3 Loss Estimates
More Bermuda-based re/insurers – Everest Re Group, AXIS Capital Holdings and Arch Capital Group – have announced their preliminary estimates of third quarter 2017 catastrophe losses.
Everest Re Group: $900 Million
Everest Re Group, Ltd. announced that it expects to incur pretax catastrophe losses, net of reinsurance and reinstatement premiums of $1.2 billion, with a net economic impact of $900 million after taxes. This estimate includes losses from Hurricanes Harvey, Irma, and Maria, as well as estimated losses from the earthquake events in Mexico.
The Company’s view of its losses from these events assumes an aggregate industry loss in the range of $100 billion for the quarter.
Commenting on the devastation caused by these recent events, Dom Addesso, the Company’s President and Chief Executive Officer, 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.”
AXIS Capital Holdings: $578 Million
AXIS Capital Holdings announced that its preliminary estimate of the total net financial impact from third quarter 2017 catastrophe losses is $578 million, net of tax and estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums.
Albert Benchimol, CEO and President of AXIS Capital commented: “Our foremost thoughts are with the people whose lives have been impacted by this unprecedented series of catastrophic events. Our mission is to help people, businesses and communities recover from calamities such as these, and we are fully committed to supporting and serving the communities that have been affected by the devastation.
“We have commenced paying claims for our insureds, and our team will continue to work tirelessly with our clients and partners so that we can assist in the rebuilding efforts.
“While we dedicate our energies and resources to support our clients and partners in managing through the challenges presented by these events, we stand ready to provide the protection and services our clients and partners in distribution need so they can deliver on their promises to their customers.”
Arch Capital Group: $285 – $345 Million
Arch Capital Group Ltd. announced that the Company’s 2017 third quarter results will be negatively impacted by a set of catastrophic events that occurred during the third quarter, including Hurricanes Harvey, Irma and Maria, along with the Mexican earthquakes, and other more minor global events.
They have established an after-tax preliminary range of $285 million to $345 million for the totality of these catastrophic events across their operating segments, net of reinsurance and reinstatement premiums.
The Company determined a range for total industry insured losses across all 2017 third quarter events of $80 billion to $100 billion.
