HVRRF - Everest Re Reveals CAT And COVID Losses Plus $400 Million Social Inflation Reserve Hit
- Global insurance and reinsurance group Everest Re has pre-announced a range of charges being applied to its fourth-quarter and 2020 results, due to catastrophe losses, continued impacts from the COVID-19 pandemic and a $400 million reserve charge driven by social inflation trends in casualty lines.
- Everest Re has estimated its fourth-quarter 2020 pre-tax net catastrophe losses at $70 million, after accounting for any reinsurance recoveries and reinstatement premiums.
- As always with Everest Re, it's worth highlighting that there is a chance some of the catastrophe loss impact from Q4 2020 will have been shared with investors in Everest Re's collateralised reinsurance sidecar-like vehicle Mt. Logan Re.
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Everest Re Reveals CAT And COVID Losses, Plus $400 Million Social Inflation Reserve Hit