13 October 2021Insurance

RenRe anticipates $725m Q3 hit from cats including Ida and Europe floods

RenaissanceRe estimates that losses from certain 2021 catastrophe events will have a net negative impact of approximately $725 million on the company’s third quarter 2021 results of operations.

This estimate is primarily comprised of net negative impacts of approximately $440 million from Hurricane Ida in August 2021 and approximately $210 million from the severe flooding in Northwestern Europe in July 2021.

In addition, losses from other catastrophe events, as well as aggregate losses associated with these and other events, contributed to the estimated net negative impact.

Kevin O’Donnell (pictured), president and CEO of RenaissanceRe, said: “We extend our sympathies to the many people around the world impacted by the quarter’s catastrophic events. In another active season for hurricanes, floods, and other natural disasters, we are rapidly paying our customers’ claims, which helps communities recover and reinforces the value of the protection we provide. Looking ahead to 2022, our fortress balance sheet and superior customer relationships should allow us to extend our leadership in the global reinsurance market.”

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23 July 2021   Its CEO Kevin O’Donnell is confident to provide superior shareholder returns over the long term.
29 April 2021   The re/insurer has materially grown its underwriting portfolio during the quarter.
26 October 2021   Cat losses contributed to a $726.8m net negative impact on its results during the period.