RenaissanceRe estimates California Wildfires hit at net $90m

Bermuda-based RenaissanceRe Holdings estimated the losses from the October 2017 California Wildfires will have a net negative impact of $90 million on its fourth quarter 2017 results of operations.

The October 2017 California Wildfires caused widespread damage to both personal and commercial property in and around the impacted regions.

"This catastrophe once again highlights the critical role that the insurance and reinsurance industry plays in protecting people and rebuilding communities in the wake of natural disasters," said RenaissanceRe CEO Kevin O’Donnell.

"As we have demonstrated consistently in the past, we stand ready to serve our customers in responding to the losses and promptly paying claims."

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