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Everest Re Group Announces Net Reserve Adjustments for Second Quarter 2018

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Everest Re Group, Ltd. (NYSE:RE) announced today that it expects to
report a charge for net reserve adjustments of approximately $250
million, after tax, for the second quarter of 2018. These reserve
adjustments are related to prior year catastrophe events and include a
partial offset from favorable prior year development of non-catastrophe
reserves.

The prior year catastrophe adjustments primarily relate to the 2017
hurricane events – Harvey, Irma and Maria. The increase in estimates was
mostly driven by re-opened claims reported in the second quarter and
loss inflation from higher than expected loss adjustment expenses and,
in particular, their impact on aggregate covers.

In addition, current year weather related events are expected to result
in a second quarter charge of approximately $25 million, after tax.

Everest expects to report net income for the second quarter of 2018.

Commenting on these adjustments, Dom Addesso, the Company's President
and Chief Executive Officer, said "Losses from events like the industry
experienced in 2017 are difficult to estimate. The number of re-opened
claims and the extraordinary surge in LAE were well above the market
expectation. Nevertheless, it is helpful to keep this loss development
in context. We are in the business of absorbing volatility and over the
last five years we have generated over $3.5 billion in profits from our
property catastrophe portfolio. Our portfolio in 2018 is positioned to
deliver even better margins. Additionally, the non-cat reinsurance
portfolio and the insurance book continue their favorable trends and
should produce an excellent result in the second half of the year."

This news release contains forward-looking statements within the
meaning of the U.S. federal securities laws.
We intend these
forward-looking statements to be covered by the safe harbor provisions
for forward-looking statements in the U.S. Federal securities laws.
These statements involve risks and uncertainties that could cause actual
results to differ materially from those contained in forward-looking
statements made on behalf of the Company.
These risks and
uncertainties include the impact of general economic conditions and
conditions affecting the insurance and reinsurance industry, the
adequacy of our reserves, our ability to assess underwriting risk,
trends in rates for property and casualty insurance and reinsurance,
competition, investment market fluctuations, trends in insured and paid
losses, catastrophes, regulatory and legal uncertainties and other
factors described in our latest Annual Report on Form 10-K.
The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), dac, provides
reinsurance to non-life insurers in Europe. Everest Insurance® refers to
the primary insurance operations of Everest Re Group, Ltd., and its
affiliated companies which offer property, casualty and specialty lines
insurance on both an admitted and non-admitted basis in the U.S. and
internationally. The Company also operates within the Lloyd's insurance
market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd.,
the Company manages segregated accounts, capitalized by the Company and
third party investors that provide reinsurance for property catastrophe
risks. Additional information on Everest Re Group companies can be found
at the Group's web site at www.everestregroup.com.

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