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Everest is estimating total pre-tax net catastrophe losses of $635 million for the third quarter 2021.
HAMILTON, Bermuda--(BUSINESS WIRE)-- Everest Re Group, Ltd. (“Everest” or the “Company”) (NYSE:RE) announced today preliminary third quarter 2021 catastrophe losses in advance of its full quarterly earnings to be released on October 27, 2021.
Everest is estimating total pre-tax net catastrophe losses of $635 million for the third quarter 2021 as detailed in the table below.
- All amounts are net of recoveries and reinstatement premiums
- For Hurricane Ida, Everest is estimating insured industry losses of approximately $28-$30 billion
- For the July European floods, Everest is estimating insured industry losses of approximately $12 billion
| Amounts in USD (millions) |
Reinsurance Segment |
Insurance Segment |
Event Totals |
| Hurricane Ida |
335 |
80 |
415 |
| European Floods |
220 |
0 |
220 |
| Segment Totals |
555 |
80 |
635 |
“The widespread impact of natural catastrophes in the third quarter has affected communities around the world,” said Juan C. Andrade, President and CEO of Everest Re Group. “Our thoughts are with all of those affected, and we stand ready to help our customers and communities as they rebuild, recover and emerge even stronger.”
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 atwww.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.
Media: Dawn Lauer
Chief Communications Officer
Everest Global Services, Inc.
908.300.7670
Investors: Jon Levenson
Head of Investor Relations
Everest Global Services, Inc.
908.604.3169