Everest Re Group Announces Catastrophe Loss Estimate for First Quarter 2018
Everest Re Group, Ltd. (RE)
Last everest re group, ltd. earnings: 2/10 04:25 pm
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US:NYSE Investor Relations:
ir.everestre.com
Company Research
Source: Business Wire
HAMILTON, Bermuda--(BUSINESS WIRE)-- Everest Re Group, Ltd. (NYSE:RE) today announced that it expects to incur $100 million of estimated catastrophe losses, net of reinsurance recoverables and reinstatement premiums, in the first quarter of 2018, largely arising from the California wildfires and related events. A series of wildfires burned across many areas of California in October and December of 2017, resulting in widespread damage to homes and businesses. The Company’s initial estimate of these losses in the fourth quarter of 2017 was based on the best available information at the time, including modeled data, industry loss estimates, which ranged from $8 billion to $10 billion, and preliminary client discussions. Industry loss estimates for both the Northern and Southern California events have risen dramatically since year-end and are now projected at over $13 billion. This increase in the industry loss e
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