Everest Re Group Ltd. is estimating pre-tax net catastrophe losses of $300 million for the third quarter 2020.
The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the Midwest United States Derecho windstorm, said Everest. The estimate is net of reinsurance and reinstatement premiums.
“Our thoughts and sympathies go out to all those affected by these recent catastrophe events. Everest provides meaningful capacity and valuable solutions to our customers, helping communities rebuild when events such as these take place,” commented Juan C. Andrade, Everest CEO.
“Despite the industry catastrophe losses during the quarter, Everest expects to report significant net income and positive net operating income for the third quarter of 2020, a reflection of the strength and diversification of our business,” he continued.
Source: Everest Re Group
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