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RenaissanceRe expects Q3 net negative impact of $625M from cat events

RenaissanceRe Holdings Ltd. estimated an initial net negative impact of $625 million from the recent round of hurricanes to hit the U.S. and an earthquake in Mexico City.

For the third quarter, the company said it anticipates a net negative impact of about $225 million from Hurricane Harvey, which devastated parts of southeastern Texas and Louisiana. Hurricane Irma, which hit the Caribbean and Florida, is expected to have caused a net negative impact of about $175 million on the company's third-quarter results.

The company also said it expects a collective net negative impact of about $225 million from Hurricane Maria and the earthquake that hit Mexico City.