RenRe Q3 results hit by typhoon Jebi, hurricane Florence
Bermuda-based RenaissanceRe Holdings (RenRe) estimates losses from third quarter 2018 catastrophe events will have a net negative impact of approximately $155 million on its third quarter 2018 results of operations.
The estimated losses for these events are primarily driven by typhoon Jebi and hurricane Florence, which will have an estimated net negative impact of approximately $70 million and $55 million, respectively.
Losses from the other third quarter 2018 catastrophe events, including typhoons Mangkhut and Trami, and the California wildfires, will have an estimated net negative impact of approximately $30 million. The company expects to report modest net income available to common shareholders for the third quarter of 2018.
"It was an active quarter for catastrophic events around the world, most notably in Japan and the United States, and we extend our sympathies to all those affected,” said RenRe CEO Kevin O’Donnell. “Consistent with our 25-year track record as a global reinsurer, we stand ready to support all of our cedants by rapidly paying their claims and continuing to deliver on our promise to provide superior customer relationships."
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