16 October 2019News

Faxai and Dorian expected to cost RenRe $155m

RenaissanceRe estimates that losses from Q3 2019 catastrophe events will produce a net negative impact of approximately $155 million on its results for that quarter.

The loss is the result of Typhoon Faxai and Hurricane Dorian, which will have an estimated net negative impact of approximately $100 million and $55 million, respectively. This includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest.

RenRe expects to report modest net income and operating income available to common shareholders for Q3 2019.

Typhoon Hagibis made landfall in Japan on October 12 with sustained winds of 85 miles per hour and reported gusts over 100 miles per hour, affecting an area of nearly 85,000 square miles. RenRe is in the preliminary stage of assessing the impact this typhoon will have on Q4 results.

Kevin O’Donnell, CEO of RenaissanceRe, extended his sympathies to those affected by these catastrophes on behalf of the company. “As always, we hope to improve the resilience and sustainability of communities by supporting recovery and rebuilding efforts through rapid payment of claims and superior service to our customers,” he said.