RenRe Expect Q3 Catastrophe Loss Of $155M
Bermuda-based RenaissanceRe Holdings announced it currently estimates that losses from third quarter 2019 catastrophe events will have an estimated net negative impact of approximately $155 million on its third quarter 2019 results of operations.
“The estimated losses include Typhoon Faxai and Hurricane Dorian, which will have an estimated net negative impact of approximately $100 million and $55 million, respectively. The Company expects to report modest net income and operating income available to common shareholders for the third quarter of 2019,” the company said.
“On October 12, 2019, Typhoon Hagibis made landfall in Japan with sustained winds of 85 miles per hour and reported gusts over 100 miles per hour. Typhoon Hagibis affected an area of nearly 85,000 square miles, including the region impacted by Typhoon Faxai, causing widespread flooding and damage. The Company is in the preliminary stage of assessing the impact of Typhoon Hagibis, which will be reflected in its fourth quarter financial results.”
Kevin J. O’Donnell, CEO of RenaissanceRe, commented: “We extend our sympathies to all those affected by recent catastrophic events and recognize the significant human impact, particularly in the Bahamas and Japan. As always, we hope to improve the resilience and sustainability of communities by supporting recovery and rebuilding efforts through rapid payment of claims and superior service to our customers.”
