HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 18, 2018--
Everest Re Group, Ltd. (NYSE:RE) today announced a preliminary pre-tax
catastrophe loss estimate for the third quarter of 2018 of $240 million,
net of reinsurance. The estimate includes third quarter 2018 losses from
Hurricane Florence, California wildfires, Typhoon Jebi, Typhoon Trami
and Japan floods.
Commenting on these events, Dom Addesso, the Company’s President and
Chief Executive Officer, said “Our thoughts are with those affected by
these devastating catastrophe events. Everest’s priority is supporting
the needs of our clients and business partners; delivering when it
matters most. Due to our diversified Reinsurance and Insurance
portfolios, we expect to report a breakeven underwriting result and an
operating profit for the third quarter.”
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. 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 fluctuations, trends in insured and paid losses, catastrophes,
regulatory and legal uncertainties and other factors described in our
latest Annual Report on Form 10-K. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.
Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), dac, provides
reinsurance to non-life insurers in Europe. Everest Insurance® refers to
the primary insurance operations of Everest Re Group, Ltd., and its
affiliated companies which offer property, casualty and specialty lines
insurance on both an admitted and non-admitted basis in the U.S. and
internationally. The Company also operates within the Lloyd's insurance
market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd.,
the Company manages segregated accounts, capitalized by the Company and
third party investors that provide reinsurance for property catastrophe
risks. Additional information on Everest Re Group companies can be found
at the Group’s web site at www.everestregroup.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181018005919/en/
Source: Everest Re Group, Ltd.
Everest Global Services, Inc.
Craig Howie, 908-604-3169
Executive
Vice President and Chief Financial Officer