Everest Announces Estimated Third Quarter 2021 Catastrophe Losses

Rhea-AI Summary

Everest Re Group, Ltd. (NYSE:RE) has reported preliminary catastrophe losses of $635 million for Q3 2021, significantly impacting its financial outlook. This includes $415 million from Hurricane Ida and $220 million from European floods, contributing to insured industry losses of approximately $28-$30 billion and $12 billion, respectively. Full earnings will be disclosed on October 27, 2021. The company emphasizes its commitment to aiding affected communities as they recover.

Positive

• Company demonstrates commitment to supporting affected communities post-catastrophes.

Negative

• Estimated pre-tax net catastrophe losses of $635 million significantly impact financial results.
• Substantial anticipated industry losses from Hurricane Ida and European floods could affect overall profitability.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Everest Re Group, Ltd. (“Everest” or the “Company”) (NYSE:RE) announced today preliminary third quarter 2021 catastrophe losses in advance of its full quarterly earnings to be released on October 27, 2021.

Everest is estimating total pre-tax net catastrophe losses of $635 million for the third quarter 2021 as detailed in the table below.

• All amounts are net of recoveries and reinstatement premiums
• For Hurricane Ida, Everest is estimating insured industry losses of approximately $28-$30 billion
• For the July European floods, Everest is estimating insured industry losses of approximately $12 billion

Amounts in USD (millions)	Reinsurance Segment	Insurance Segment	Event Totals
Hurricane Ida	335	80	415
European Floods	220	0	220
Segment Totals	555	80	635

“The widespread impact of natural catastrophes in the third quarter has affected communities around the world,” said Juan C. Andrade, President and CEO of Everest Re Group. “Our thoughts are with all of those affected, and we stand ready to help our customers and communities as they rebuild, recover and emerge even stronger.”

About Everest Re Group, Ltd.

Everest Re Group, Ltd. is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE:RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company, including the expected closing and use of proceeds from the debt offering. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic losses, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. Everest undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211014005634/en/

Media: Dawn Lauer

Chief Communications Officer

Everest Global Services, Inc.

908.300.7670

Investors: Jon Levenson

Head of Investor Relations

Everest Global Services, Inc.

908.604.3169

Source: Everest Re Group, Ltd.

FAQ

What are the estimated catastrophe losses for Everest Re Group in Q3 2021?

Everest Re Group estimates pre-tax net catastrophe losses of $635 million for Q3 2021.

How much did Hurricane Ida contribute to Everest's losses in Q3 2021?

Hurricane Ida is estimated to have caused $415 million in losses for Everest in Q3 2021.

When will Everest Re Group release its full earnings report?

Everest Re Group will release its full quarterly earnings report on October 27, 2021.

What are the total insured industry losses estimated by Everest for Hurricane Ida?

Everest estimates insured industry losses from Hurricane Ida to be approximately $28-$30 billion.

How do the European floods impact Everest's financial results?

The European floods are estimated to contribute $220 million to Everest's catastrophe losses in Q3 2021.