RenRe Expect $650M Catastrophe Impact
RenaissanceRe Holdings announced it estimates that losses from certain 2022 catastrophe events will have a net negative impact of approximately $650 million on the Company’s third quarter 2022 results of operations.
A spokesperson said, “This estimate is primarily driven by the net negative impact of approximately $540 million from Hurricane Ian. In addition, losses from certain other catastrophe events, along with the aggregate losses associated with these and other events, contributed to the estimated net negative impact.
“The Company expects to report a net loss attributable to common shareholders for both the third quarter of 2022 and nine months ended September 30, 2022.
“While the Company expects to report an operating loss attributable to common shareholders for the third quarter of 2022, the operating loss attributable to common shareholders for the nine months ended September 30, 2022 is expected to be modest.”
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “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. 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.”
