Everest Re Group, Ltd. (NYSE: RE) announced today that its preliminary
loss estimates, net of reinstatement premiums and taxes, for Hurricanes
Gustav and Ike are expected to range between $200 million and $220
million.
The Company’s current estimate for these
events is based on underwriters’ analyses and
judgments, client input and discussion, event modeling and profiling of
exposed limits. The Company expects it will be several months before
relative clarity emerges with respect to its ceding companies’
underlying losses.
The Company will release its Third Quarter 2008 earnings after close of
trading on the NYSE on October 20, 2008. A conference call discussing
the results will be held at 8:30 a.m. Eastern Time on October 21, 2008.
The call will be available on the Internet at the Company's website, www.everestre.com
or at www.streetevents.com.
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 National Insurance Company and Everest Security
Insurance Company provide property and casualty insurance to
policyholders in the U.S. Everest Indemnity Insurance Company offers
excess and surplus lines insurance in the U.S. Additional information on
Everest Re Group companies can be found at the Group’s
web site at www.everestre.com.
Everest Global Services, Inc.
Elizabeth B. Farrell, 908-604-3169
Vice
President, Investor Relations
