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Everest Re Group Provides Preliminary Loss Estimates for the Chile Earthquake and the European Windstorm Xynthia

Source: MarketWatch

Posted on 11 Mar 2010

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Everest Re Group, Ltd. announced today that its preliminary loss estimate for exposures relating to the earthquake in Chile is $225 million. In addition, the Company estimates its loss for expected claims from the European Windstorm Xynthia to be approximately $25 million. Both of these loss estimates are being provided net of tax and reinstatement premiums.

Everest's current estimates for these events are based on underwriters' preliminary analyses and judgments, client input and discussion, event modeling and profiling of exposed limits. Current industry loss estimates for the magnitude 8.8 earthquake in Chile range between $4 billion and $10 billion while the range of industry losses for the European Windstorm Xynthia is $2 billion to $4 billion. The Company expects it will be several months before relative clarity emerges with respect to its ceding companies' underlying losses from these two events and as new information emerges these estimates may need to be adjusted.