Everest Re Holdings Estimates Hurricane, Typhoon Losses at Around $120 Million

Everest Reinsurance Holdings, Inc., a wholly owned subsidiary of Bermuda’s Everest Re Group, Ltd. announced that its share of the aggregate estimated losses previously announced by the Group from the Florida hurricanes and the Pacific typhoons is approximately $120 million.

“This amount is an estimate of Everest Reinsurance Holdings, Inc.’s aggregate losses from hurricanes Charley, Frances, Ivan and Jeanne, and the quarter’s Pacific typhoons and is net of tax,” said the bulletin. “It includes, with respect to the hurricanes, the Company’s U.S. and Caribbean exposures.”

The estimate is also “subject to variability reflecting the unusual pattern of multiple storms and the resulting impacts on claims adjusting by, and communications from, ceding companies.”