HAMILTON, Bermuda--(BUSINESS WIRE)--Jan. 24, 2019--
Everest Re Group, Ltd. (“Everest”) (NYSE:RE) announced today that it
expects to incur in the fourth quarter 2018 catastrophe losses of $695
million, net of reinsurance, reinstatement premiums and taxes.
The catastrophe losses were related to the fourth quarter 2018 events of
Hurricane Michael which impacted Florida and other states in the
Southeastern US, the Camp and Woolsey wildfires in California, and the
December hailstorm event in Australia. In total, Everest sees industry
losses from these events potentially approaching $30 billion. The impact
to Everest is primarily arising from its reinsurance operations, and as
such is dependent upon the loss reporting from ceding insurers across
many underlying insurance policies.
Commenting on the losses, Dom Addesso, the Company’s President and Chief
Executive Officer, said: “These losses reflect another year in which
there has been an extraordinary level of industry catastrophes and are
reflective of our market share. With $8 billion in shareholders equity
and over 40 years of experience, Everest is well prepared to respond to
the needs of our clients and the affected communities as they manage the
impact of these recent events.”
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.
About Everest Re Group, Ltd.
Everest Re Group, Ltd. (“Everest”) is a leading global provider of
reinsurance and insurance, operating for more than 40 years through
subsidiaries in the U.S., Europe, 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.
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Source: Everest Re Group, Ltd.
Everest Re Group, Ltd.
Jon Levenson, Head of Investor Relations
Investor.relations@everestre.com
Phone
(908) 604-3169