RenaissanceRe (RNR) Projects $90M Q4 Cat Loss From Wildfires
Zacks Investment Research | Dec 06, 2017 08:55PM ET
RenaissanceRe Holdings Ltd. (NYSE:RNR) expects to incur catastrophe (cat) loss of $90 million, from the California wildfires.
In the fourth quarter, these losses will further weigh on the company’s bottom line.
RenaissanceRe incurred a loss of $9.63 per share for the first nine months of 2017 compared to earnings of $5.14 in prior-year period.
Unprecedented catastrophe led to net claims and claims expenses of $1.6 billion in the first nine months of 2017, significantly higher than $0.4 billion in the year ago period.
AIR Worldwide, a catastrophe modeling firm expects insured losses from wildfires to exceed $10 billion.
This specialty insurer has witnessed multiple weather-related losses in 2017. The results in the third quarter were severely hurt by hurricanes Harvey, Irma and Maria, the Mexico City Earthquake. These natural calamities are estimated to have caused damages of more than $100 billion and underwriting losses at many insurers and reinsurers.
So far this year, the stock has declined by 5.9%, underperforming the .
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