Everest Re expects $635 million in third-quarter cat losses

Everest Re Group Ltd. on Thursday estimated that its pre-tax catastrophe net losses from Hurricane Ida and European floods will be $635 million.

The Bermuda-based insurer and reinsurer expects third-quarter losses from Hurricane Ida, which hit the Gulf Coast in August before causing flooding in the Northeast, to total $415 million. Losses from the European floods, which hit a wide area in July, will be $220 million.

In 2020, Everest reported $300 million in pre-tax catastrophe losses for the third quarter.

Everest will release its 2021 third-quarter results on Oct. 27.