Everest Re cat losses estimated at $240 million
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Everest Re Group Ltd. estimates a preliminary pretax catastrophe loss estimate for the third quarter of 2018 of $240 million net of reinsurance, Hamilton, Bermuda-based Everest Re announced Thursday.
The estimate includes 2018 third-quarter losses from Hurricane Florence, California wildfires, Typhoon Jebi, Typhoon Trami and Japan floods.
“Due to our diversified reinsurance and insurance portfolios, we expect to report a breakeven underwriting result and an operating profit for the third quarter,” Dom Addesso, the company's president and CEO, said in a statement.
Everest Re’s announcement is the latest in a series of catastrophe loss estimates being released by insurers and reinsurers.
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