RE - Everest estimates Q4 pre-tax net Covid-19 pandemic losses of $76M

Everest Re (RE) expects to report FY20 net income of $475-$525M and operating income of $275-$325M.Pre-tax net catastrophe losses for Q4 are seen at $70M, net of reinsurance and reinstatement premiums, include $60M in the reinsurance segment and $10M in the insurance segment.Everest is also estimating pre-tax net Covid-19 Pandemic losses of $76M for Q4.For FY20, the total pandemic loss provision is $511M; it is increasing prior year loss reserves by $400M (equal to 3% of net loss reserves as of Sep. 30, 2020).Earnings scheduled for Feb. 8 release.

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Everest estimates Q4 pre-tax net Covid-19 pandemic losses of $76M