Everest Announces Estimated Third Quarter 2019 Catastrophe Losses
October 15 2019 - 4:15PM
Business Wire
Everest Re Group, Ltd. (“Everest” or the “Company”) (NYSE:RE)
announced today a preliminary pre-tax catastrophe loss estimate for
the third quarter of 2019 in the amount of $280 million. This
amount is net of reinsurance recoveries and reinstatement premiums.
Net of tax, the Everest loss estimate is $225 million.
The catastrophe losses are related to the third quarter 2019
events of Hurricane Dorian which impacted the Bahamas and several
states in the Southeastern U.S., and Typhoon Faxai which impacted
Japan. By event, the pre-tax estimated catastrophe losses to
Everest are $160 million from Hurricane Dorian, and $120 million
from Typhoon Faxai.
These estimates specifically exclude any losses from Typhoon
Hagibis which made landfall in Japan on October 12.
The Everest estimated losses are based on a review of the
Company’s exposures, catastrophe models, best available information
from customers and intermediaries, and industry insured loss
estimates of approximately $8.5 billion for Dorian and $9 billion
for Faxai. Given the recent date of the loss events, there is
meaningful uncertainty as to the ultimate loss amounts.
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. 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
fluctuations, trends in insured and paid losses, catastrophes,
regulatory and legal uncertainties and other factors described in
our latest Annual Report on Form 10-K. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Everest Re Group, Ltd.
Everest Re Group, Ltd. (“Everest”) is a leading global provider
of reinsurance and insurance, operating for more than 40 years
through subsidiaries in the U.S., Europe, 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
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version on businesswire.com: https://www.businesswire.com/news/home/20191015006067/en/
Everest Re Group, Ltd. Jon Levenson, Head of Investor Relations
Investor.relations@everestre.com Phone (908) 604-3169
Everest Re (NYSE:RE)
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