Everest Re Group Ltd. expects to record $100 million of estimated catastrophe losses, net of reinsurance recoverables and reinstatement premiums, in the first quarter.

The losses were attributed primarily to claims filed for the wildfires in California in October and December of 2017.

Industrywide loss estimates for both wildfires have risen dramatically since year-end 2017 and are now projected at over $13 billion, the company said.

Additionally, Everest Re disclosed that starting in the first quarter, it will change reporting of its operating income to exclude foreign exchange gains and losses as it believes that the impact of foreign currency movements on income is not indicative of the performance of the underlying business in a particular period.