HAMILTON, Bermuda--(BUSINESS WIRE)--
Everest Re Group, Ltd. (“Everest” or the “Company”) (NYSE:RE) announced today preliminary third quarter 2022 catastrophe losses in advance of its full quarterly earnings to be released on October 26, 2022.
Everest is estimating total pre-tax net catastrophe losses of $730 million for the third quarter 2022 as detailed in the table below. All amounts are net of estimated recoveries and reinstatement premiums
For Hurricane Ian, Everest’s loss estimate is based on insured industry losses of approximately $55 billion, driven in part by the significant social inflation in Florida
For all other global catastrophe events, Everest’s loss estimate is based on insured industry losses of approximately $15 billion
Amounts in USD (millions)
Reinsurance
Segment
Insurance
Segment
Event Totals
Hurricane Ian
$
500
$
100
$
600
All Other Events
120
10
$
130
Segment Totals
$
620
$
110
$
730
“Our thoughts are with those impacted by the severe weather events across the globe. We are dedicated to supporting our customers in their time of need,” said Juan C. Andrade, President and CEO of Everest Re Group. “Hurricane Ian is likely to be the second largest hurricane driven industry loss in U.S. history. Everest’s focused execution of its diversification strategy combined with our underwriting discipline, has mitigated our total exposure to approximately 1% of our currently estimated Hurricane Ian industry loss with our reinsurance division expected to be less than 1%.”
About Everest Re Group, Ltd.
Everest Re Group, Ltd. is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.
Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.
Everest common stock (NYSE:RE) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.
This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company, including the expected closing and use of proceeds from the debt offering. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic losses, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. Everest undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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