RenaissanceRe Holdings Ltd., Bermuda’s premier property reinsurer, issued a statement indicating that, based on initial loss reports, Hurricane Charley will negatively impact the Company’s third quarter earnings by an amount ranging from $100 to $140 million.
“The hurricane affected various lines of business, including catastrophe reinsurance written by Renaissance Reinsurance Ltd. and by the DaVinci Reinsurance Ltd. joint venture, as well as primary insurance and quota share reinsurance written in the Company’s individual risk segment,” said the bulletin.
RenRe’s announcement also noted that, “compared to other potential catastrophe events, Florida hurricanes of the magnitude of Hurricane Charley cause disproportionately higher losses to the Company, as a percentage of total industry losses. This results from the Company’s decision to pursue a relatively large share of the Florida market, as well as from the structure of the Company’s ceded reinsurance, which generally responds to higher industry losses.”
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