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

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

RenaissanceRe Holdings Ltd. expects losses from catastrophe events to have a net negative impact of about $155 million on its third-quarter results.

The losses are primarily attributable to Typhoon Jebi and Hurricane Florence, which will have estimated net negative impact of about $70 million and $55 million, respectively. Losses from other catastrophe events during the period, including typhoons Mangkhut and Trami and the California wildfires, will have an estimated net negative impact of about $30 million.

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 report modest net income available to common shareholders for the third quarter.