Everest Re Group disclosed it will be dealing with $100 million in estimated catastrophe losses for its 2018 first quarter. California wildfires and related events are to blame.
The Bermuda-based property/casualty reinsurer said the estimate is net of reinsurance recoverables and reinstatement premiums.
Where do the catastrophe loss costs come from? Everest Re blames wildfires that hit many parts of California in October and December 2017, weather events that caused substantial damage to both homes and businesses.
Everest Re said that its initial estimates of the Q4 2017 losses were based on best available information at the time, including modeled data, industry loss estimates (which ranged from $8 billion to $10 billion) and preliminary client discussions. Industry loss estimates for both the northern and southern California events are much higher now, surpassing $13 billion.
Source: Everest Re