Everest Re expects to incur net losses of $80m from second-quarter catastrophes. The amount is net of reinstatement premiums and taxes.

However, Everest chief executive Joe Taranto said in a statement: “Despite these losses, we expect to have an underwriting profit in the quarter and a solid increase in our already strong capital position."

The loss estimate mainly covers the severe weather that hit large areas of the US during April and May and the wildfires in Alberta, Canada. The estimate also includes increased loss provisions for first-quarter catastrophe losses.

Everest Re expects losses from the most recent New Zealand earthquake, which hit on 13 June, to be less than $10m and will not be reported as part of the company’s current catastrophe loss provision. It will therefore be treated as an attritional loss.