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Everest Re Estimates Cat Losses at $80 Million for Second Quarter

Posted on 07 Jul 2011

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Bermudian reinsurer Everest Re has estimated its second-quarter catastrophe losses to amount to $80 million after reinstatement premiums and taxes.

The reinsurer based its estimates on an effective tax rate of 20%.

“Despite these losses, we expect to have an underwriting profit in the quarter and a solid increase in our already strong capital position,” Everest Re Chairman and CEO Joseph V. Taranto said in a statement.

Everest also said it expects losses related to the most recent New Zealand earthquake will be less than $10 million, and therefore would not be reported as part of its catastrophe loss provision.