Everest faces $300m cat hit in Q3 but bullish on earnings

Bermuda-based Everest Re Group is expecting to report "significant" net income despite heavy catastrophe losses during the third quarter, according to its chief executive Juan Andrade.

Everest has estimated pre-tax net catastrophe losses of approximately $300 million, net of reinsurance and reinstatement premiums.

The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the Midwest United States Derecho windstorm.

Andrade said: “Despite the industry catastrophe losses during the quarter, Everest expects to report significant net income and positive net operating income for the third quarter of 2020, a reflection of the strength and diversification of our business.”