RE - Everest Re Group estimates $730M of Q3 pre-tax net catastrophe losses
- Everest Re Group ( NYSE: RE ) on Wednesday said it expects total pre-tax net catastrophe losses of $730M across its insurance and reinsurance segments for Q3.
- A majority of the losses stemmed from Hurricane Ian.
- RE estimated $600M of catastrophe losses in Q3 stemming from the hurricane, and $130M from all other events.
- "For Hurricane Ian, Everest’s loss estimate is based on insured industry losses of approximately $55 billion, driven in part by the significant social inflation in Florida," the company said in a statement .
- The insurer is set to report its full quarterly earnings report on Oct. 26.
- Everest Re Group ( RE ) stock earlier closed +0.5% at $279.68.
For further details see:
Everest Re Group estimates $730M of Q3 pre-tax net catastrophe losses