Everest warns of impact of Texas wind storms on Q1 results

Everest Re Group has released preliminary information on first quarter 2021 catastrophe losses, in advance of its full quarterly earnings, which will be released on April 28, 2021.

Everest is estimating pre-tax net catastrophe losses for the first quarter 2021 of $260 million, of which $213 million is in the reinsurance segment.

Texas winter storms accounted for $250 million of these losses in total, with $203 million of that figure coming in the reinsurance segment. The remaining $10 million loss came from flooding in New South Wales, Australia.

Everest estimates total insured industry losses related to the Texas winter storms of approximately $15 billion.

These figures are net of reinsurance recoveries and reinstatement premiums.

Everest did not disclose a new estimate for its COVID-19 pandemic loss. To date, its total pandemic loss provision is $511 million, of which approximately 80 percent remains as incurred but not reported.