RenRe warns on Q1 net loss thanks to claims from winter storm Uri
RenaissanceRe Holdings estimates that losses from Winter Storm Uri will have a net negative impact of approximately $180 million on the company’s Q1 2021 results of operations.
Winter Storm Uri was a major wind and ice storm that impacted the US in February 2021, causing widespread damage in many areas, including Texas. For the first quarter of 2021, the company expects to report a net loss attributable to common shareholders and nominal operating income available to common shareholders.
Kevin O’Donnell, president and chief executive officer of RenaissanceRe, said: “We extend our sympathies to all those affected by Winter Storm Uri. Consistent with our track record, we will support our customers in understanding and managing this US winter storm while helping communities recover through rapid payment of claims. We are in a strong capital position heading into the mid-year renewals and anticipate additional opportunities to write attractive risk.”
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