Everest Re puts Japan loss at $320M, says market to firm

HAMILTON, Bermuda—Everest Re Group Ltd. said it expects its net losses from last month’s earthquake and tsunami in Japan to total $320 million, net of reinstatement premiums and taxes.

The Hamilton, Bermuda-based reinsurer noted that the preliminary estimate assumes a $25 billion industrywide loss and said in a statement that “the unprecedented nature and scale of the loss and its relatively recent occurrence introduces significant complexity and uncertainty to the loss estimation” process.

“Given the frequency and severity of recent events, we expect market pricing to firm worldwide for property catastrophe capacity,” Everest Re Chairman and CEO Joseph V. Taranto said in the statement.