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RenaissanceRe says October wildfires will hit Q4 earnings

RenaissanceRe Holdings Ltd. currently estimates that losses from California wildfires in October will have a net negative impact of $90 million on its fourth-quarter results.

The 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.

The company's estimates are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques.