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RenaissanceRe projects Q3 net negative impact of $155M from cat events

RenaissanceRe Holdings Ltd. is expecting that losses from catastrophe events will have a net negative impact of roughly $155 million on its third-quarter results.

The losses are attributable to Typhoon Faxai and Hurricane Dorian, which will have estimated net negative impact of about $100 million and $55 million, respectively.

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest.

RenaissanceRe expects to book modest net income available to common shareholders for the third quarter.