RenaissanceRe faces $625m nat cat hit in Q3

Bermuda-based RenaissanceRe Holdings said on Oct. 4 that it anticipates an initial estimated net negative impact of $625 million from Hurricanes Harvey, Irma and Maria and the Mexico City Earthquake.

The company currently estimates that losses from Hurricanes Harvey and Irma will have a net negative impact of approximately $225 million and $175 million, respectively, on its third quarter 2017 results of operations.

In addition, the RenaissanceRe currently estimates that the combined losses from Hurricane Maria and the Mexico City Earthquake will have a net negative impact of approximately $225 million on its third quarter 2017 results of operations.

Kevin O’Donnell, CEO of RenaissanceRe, commented: “We extend our sympathies to all those affected by these recent catastrophic events, and recognize their enormous human impact. As we have always done, we stand ready to help rebuild the many affected communities by serving our customers and paying claims."

The net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable non-controlling interest.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Lloyd’s faces pre-tax loss in 2017 due to nat cat events: Moody’s

GIC Re to raise up to $1.7bn in IPO as it seeks international expansion

Third Point Re CEO praises strategy avoiding nat cat losses

Lloyd’s Council member Fleming resigns

Allianz teams up with Silicon Valley firm in cyber protection

WR Berkley NA nat cat loss expected below $110m

Randall & Quilter raises £50m to fund growth

Don't miss our insurtech email newsletter - sign up today