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Bermuda-based reinsurer RenaissanceRe Holdings Ltd. said Wednesday that third-quarter catastrophe losses will have an approximately $650 million negative effect on its results.
Losses from Hurricane Ian, which hit Florida’s Gulf Coast last month, will account for about $540 million of the total, the company said in a statement.
RenRe expects to report a loss for the third quarter and the first nine months of the year, the statement said.
Hurricanes Ian and Fiona are expected to hit the third-quarter results for many property/casualty insurers. On Tuesday, Arch Capital Group Ltd. said it expects to report up to $560 million in catastrophe losses and on Wednesday Travelers Cos. Inc., which is the first major insurer to report, said its third-quarter profit fell 31%.