PEMBROKE, Bermuda–(BUSINESS WIRE)–
RenaissanceRe Holdings Ltd. (RNR) (the “Company” or “RenaissanceRe”) today appear it currently estimates that losses from third division 2018 accident contest will accept an estimated net abrogating appulse of about $155 actor on its third division 2018 after-effects of operations. The estimated losses for these contest are primarily apprenticed by Typhoon Jebi and Hurricane Florence, which will accept an estimated net abrogating appulse of about $70 actor and $55 million, respectively. Losses from the added third division 2018 accident events, including Typhoons Mangkhut and Trami, and the California wildfires, will accept an estimated net abrogating appulse of about $30 million. The Company expects to address bashful net assets accessible to accepted shareholders for the third division of 2018.
Kevin J. O’Donnell, CEO of RenaissanceRe, commented: “It was an alive division for adverse contest about the world, best conspicuously in Japan and the United States, and we extend our sympathies to all those affected. Consistent with our 25-year clue almanac as a all-around reinsurer, we angle accessible to abutment all of our cedents by rapidly advantageous their claims and continuing to bear on our affiance to accommodate above chump relationships.”
Net abrogating appulse includes the sum of estimates of net claims and affirmation costs incurred, becoming acknowledgment premiums affected and ceded, absent accumulation commissions and redeemable noncontrolling interest. The Company’s estimates of net abrogating appulse are based on a analysis of its abeyant exposures, basic discussions with assertive counterparties and accident clay techniques.
Meaningful ambiguity apropos the estimates and the attributes and admeasurement of the losses from the accident contest in the third division of 2018 remains, apprenticed by the consequence and contempo accident of anniversary event, almost bound claims abstracts accustomed to date, the accidental attributes of business abeyance and added exposures, abeyant uncertainties apropos to reinsurance recoveries and added factors inherent in accident estimation, amid added things. Accordingly, the Company’s absolute net abrogating appulse from the accident contest in the third division of 2018 may alter from these basic estimates, conceivably materially. Updated estimates accompanying to these contest will be reflected in RenaissanceRe’s third division 2018 results, back reported, and changes in these estimates will be recorded in the aeon in which they occur.
RenaissanceRe is a all-around provider of reinsurance and allowance that specializes in analogous well-structured risks with able sources of capital. The Company provides property, blow and specialty reinsurance and assertive allowance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, Switzerland, the United Kingdom, and the United States.
Cautionary Statement Apropos Forward-Looking Statements
Any advanced statements fabricated in this Press Release reflect RenaissanceRe’s accepted angle with account to approaching contest and banking achievement and are fabricated pursuant to the safe anchorage accoutrement of the Clandestine Securities Litigation Ameliorate Act of 1995. These statements are accountable to abundant factors that could account absolute after-effects to alter materially from those set alternating in or adumbrated by such advanced statements, including the following: the abundance and severity of adverse and added contest that the Company covers; the capability of the Company’s claims and affirmation amount reserving process; the Company’s adeptness to advance its banking backbone ratings; the aftereffect of altitude change on the Company’s business; accumulating on claimed retrocessional coverage, and new retrocessional reinsurance actuality accessible on adequate agreement and accouterment the advantage that we advised to obtain; the furnishings of U.S. tax ameliorate legislation and accessible approaching tax ameliorate legislation and regulations, including changes to the tax analysis of the Company’s shareholders or investors in the Company’s collective ventures or added entities the Company manages; the aftereffect of arising claims and advantage issues; connected bendable reinsurance underwriting bazaar conditions; the Company’s assurance on a baby and abbreviating cardinal of reinsurance brokers and added administration casework for the advantage of its revenue; the Company’s acknowledgment to acclaim accident from counterparties in the accustomed advance of business; the aftereffect of connected arduous bread-and-er altitude throughout the world; a altercation by the Internal Revenue Service that Renaissance Reinsurance Ltd., or any of the Company’s added Bermuda subsidiaries, is accountable to taxation in the U.S.; the success of any of the Company’s cardinal investments or acquisitions, including the Company’s adeptness to administer its operations as its artefact and bounded assortment increases; the Company’s adeptness to absorb key chief admiral and to allure or absorb the admiral and advisers all-important to administer its business; the achievement of the Company’s advance portfolio; losses that the Company could face from terrorism, political agitation or war; the aftereffect of cybersecurity risks, including technology breaches or abortion on the Company’s business; the Company’s adeptness to auspiciously apparatus its business strategies and initiatives; the Company’s adeptness to actuate the impairments taken on investments; the aftereffect of inflation; the adeptness of the Company’s ceding companies and delegated ascendancy counterparties to accurately appraise the risks they underwrite; the aftereffect of operational risks, including arrangement or animal failures; the Company’s adeptness to finer administer basic on account of investors in collective ventures or added entities it manages; adopted bill barter amount fluctuations; the Company’s adeptness to accession basic if necessary; the Company’s adeptness to accede with covenants in its debt agreements; changes to the authoritative systems beneath which the Company operates, including as a aftereffect of added all-around adjustment of the allowance and reinsurance industry; changes in Bermuda laws and regulations and the political ambiance in Bermuda; the Company’s assurance on the adeptness of its operating subsidiaries to acknowledge and pay dividends; aspects of the Company’s accumulated anatomy that may abash third-party takeovers or added transactions; the alternate attributes of the reinsurance and allowance industries; adverse aldermanic developments that abate the admeasurement of the clandestine markets the Company serves or impede their approaching growth; alliance of competitors, barter and allowance and reinsurance brokers; the aftereffect on the Company’s business of the awful aggressive attributes of its industry, including the aftereffect of new entrants to, aggressive articles for and alliance in the (re)insurance industry; added political, authoritative or industry initiatives abnormally impacting the Company; accretion barriers to chargeless barter and the chargeless breeze of capital; all-embracing restrictions on the autograph of reinsurance by adopted companies and government action in the accustomed accident market; the aftereffect of Organisation for Bread-and-er Co-operation and Development or European Union (“EU”) measures to access the Company’s taxes and advertisement requirements; the aftereffect of the vote by the U.K. to leave the EU; changes in authoritative regimes and accounting rules that may appulse banking after-effects irrespective of business operations; the Company’s charge to accomplish abounding estimates and judgments in the alertness of its banking statements; and added factors affecting approaching after-effects appear in RenaissanceRe’s filings with the Securities and Barter Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20181017005875/en/
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