Everest Announces Estimated Third Quarter 2021 Catastrophe Losses
October 14 2021 - 8:30AM
Business Wire
Everest Re Group, Ltd. (“Everest” or the “Company”) (NYSE:RE)
announced today preliminary third quarter 2021 catastrophe losses
in advance of its full quarterly earnings to be released on October
27, 2021.
Everest is estimating total pre-tax net catastrophe losses of
$635 million for the third quarter 2021 as detailed in the table
below.
- All amounts are net of recoveries and reinstatement
premiums
- For Hurricane Ida, Everest is estimating insured industry
losses of approximately $28-$30 billion
- For the July European floods, Everest is estimating insured
industry losses of approximately $12 billion
Amounts in USD (millions)
Reinsurance
Segment
Insurance
Segment
Event Totals
Hurricane Ida
335
80
415
European Floods
220
0
220
Segment Totals
555
80
635
“The widespread impact of natural catastrophes in the third
quarter has affected communities around the world,” said Juan C.
Andrade, President and CEO of Everest Re Group. “Our thoughts are
with all of those affected, and we stand ready to help our
customers and communities as they rebuild, recover and emerge even
stronger.”
About Everest Re Group, Ltd.
Everest Re Group, Ltd. is a leading global provider of
reinsurance and insurance, operating for close to 50 years through
subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and
other territories.
Everest offers property, casualty, and specialty products
through its various operating affiliates located in key markets
around the world.
Everest common stock (NYSE:RE) is a component of the S&P 500
index.
Additional information about Everest, our people, and our
products can be found on our website at www.everestre.com. All
issuing companies may not do business in all jurisdictions.
This news release contains forward-looking statements within the
meaning of the U.S. federal securities laws. We intend these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in the U.S. Federal
securities laws. These statements involve risks and uncertainties
that could cause actual results to differ materially from those
contained in forward-looking statements made on behalf of the
Company, including the expected closing and use of proceeds from
the debt offering. These risks and uncertainties include the impact
of general economic conditions and conditions affecting the
insurance and reinsurance industry, the adequacy of our reserves,
our ability to assess underwriting risk, trends in rates for
property and casualty insurance and reinsurance, competition,
investment market and investment income fluctuations, trends in
insured and paid losses, catastrophes, pandemic losses, regulatory
and legal uncertainties and other factors described in our latest
Annual Report on Form 10-K. Everest undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211014005634/en/
Media: Dawn Lauer Chief Communications Officer Everest Global
Services, Inc. 908.300.7670
Investors: Jon Levenson Head of Investor Relations Everest
Global Services, Inc. 908.604.3169
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