Everest Re expects $240m Q3 cat loss

Bermuda-based Everest Re Group estimates pre-tax catastrophe losses 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.

"Everest's priority is supporting the needs of our clients and business partners; delivering when it matters most,” CEO Dom Addesso said. “Due to our diversified reinsurance and insurance portfolios, we expect to report a breakeven underwriting result and an operating profit for the third quarter," Addesso added.

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