Everest Re expects to break even in Q3, despite cat losses

Everest Re Group has announced that a string of natural catastrophe losses has resulted in a preliminary pre-tax catastrophe loss estimate for the third quarter of 2018 of $240 million.

The estimate, which is net of reinsurance, includes losses from Hurricane Florence, California wildfires, Typhoon Jebi, Typhoon Trami and Japan floods, all of which happened in the June to September period of 2018.

“Our thoughts are with those affected by these devastating catastrophe events,” said Dom Addesso, the company’s president and chief executive officer. “Everest’s priority is supporting the needs of our clients and business partners; delivering when it matters most.

“Due to our diversified Reinsurance and Insurance portfolios, we expect to report a breakeven underwriting result and an operating profit for the third quarter.”