RenRe Estimates Hurricane Ian Loss At $540m, Expects Q3 Net Loss
RenRe Estimates Hurricane Ian Loss At $540m, Expects Q3 Net Loss
Estimated catastrophe losses of $650 million for the third quarter of 2022 have been released by Bermuda-based reinsurer RenaissanceRe Holdings Ltd., of which the majority, or $540 million, is related to hurricane Ian.
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Estimated catastrophe losses of $650 million for the third quarter of 2022 have been released by Bermuda-based reinsurer RenaissanceRe Holdings Ltd., of which the majority, or $540 million, is related to hurricane Ian.
An anticipated net negative impact on RenRe’s Q3 performance was caused by Ian’s losses as well as losses from other catastrophic events that occurred in the quarter and their combined losses.
As a result, RenRe predicts that for both the third quarter of 2022 and the nine months that concluded on September 30th, 2022, it will record a net loss attributable to common shareholders.
RenRe Estimates Hurricane Ian Loss At $540m, Expects Q3 Net Loss
An anticipated net negative impact on RenRe’s Q3 performance was caused by Ian’s losses as well as losses from other catastrophic events that occurred in the quarter and their combined losses.
As a result, RenRe predicts that for both the third quarter of 2022 and the nine months that concluded on September 30th, 2022, it will record a net loss attributable to common shareholders.
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The company also expects to report an operating loss attributable to common shareholders for Q3 2022 but says that the operating loss for the nine-month period is expected to be modest.
“We extend our sympathies to all those impacted by the quarter’s catastrophic events. Our purpose is to protect communities and enable prosperity, and we stand ready to pay our customers’ claims to help communities rebuild,” said Kevin O’Donnell, President and Chief Executive Officer (CEO), RenRe.
“Looking forward, we have the capital, scale, and flexibility to provide our customers with much-needed reinsurance in 2023 while creating value for our shareholders,” he added.
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