Everest Re Group Ltd has announced preliminary information on first quarter 2021 catastrophe losses in advance of its full quarterly earnings to be released on April 28.
Bermudian-based Everest said it is estimating pre-tax net catastrophe losses for the first quarter of $213 million in its reinsurance segment, and $47 million in its insurance segment for a total of $260 million.
Some $250 million is attributed to winter storms in Texas, including $203 million in the company’s reinsurance segment.
The balance of $10 million is attributed to flooding in New South Wales, Australia, all of which impacted Everest’s reinsurance segment.
Everest said all amounts are net of reinsurance recoveries and reinstatement premiums.
For the Texas winter storms, Everest is estimating insured industry losses of approximately $15 billion.
Everest said it is not adding to its Covid-19 pandemic loss provision. To date, the company’s total pandemic loss provision is $511 million, of which approximately 80 per cent remains as IBNR.
Juan C Andrade, group president and CEO of Everest Re, said: “Our thoughts and sympathies go out to all those affected by these recent catastrophe events. We are proud to be able to help communities rebuild when events such as these take place.”