Ren Re Estimates $50 Million WTC Loss, But Continued Profitability

October 4, 2001

Bermuda’s Renaissance Re reported that its net losses as a result of the September 11 attack on the World Trade Center would be around $50 million and would impact third quarter earnings, but said that it still expects to report operating earnings of between $6.50 and $7.00 per share for the full year.

Ren Re said that although its gross losses could be as high as $150 million, its expected share of losses from the attack are significantly less than would be expected by its catastrophe reinsurance market share.

It currently expects to report operating earnings for the three months ended September 30, 2001 in the range of $.75 to $1.25 per share, compared with last year’s $1.75 per share earnings for the same period.

Was this article valuable?

Here are more articles you may enjoy.