Everest Re expects to make a $300m loss on its catastrophe book in Q3

Everest Re Group has estimated it made a Q3 2020 catastrophe loss of around $300 million, net of reinsurance and reinstatement premiums.

The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the Midwest US derecho windstorm.

Juan Andrade, chief executive officer at Everest, said the re/insurer expects to report significant net income and positive net operating income for Q3, which he said is “a reflection of the strength and diversification of our business.”