RenaissanceRe Holdings Ltd Provides Earnings Guidance for the Fourth Quarter of 2020
January 13, 2021 at 04:30 pm EST
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RenaissanceRe Holdings Ltd. provided earnings guidance for the fourth quarter of 2020. For the quarter, the company expected net income available to common shareholders; however, it expects to report an operating loss attributable to common shareholders. In addition, the Company currently estimates that losses related to the COVID-19 pandemic will have an estimated net negative impact of approximately $175 million on its fourth quarter 2020 results of operations. This estimated net negative impact is primarily driven by approximately $165 million of losses in the Property segment, principally representing the cost of claims incurred but not yet reported, with respect to exposures such as business interruption coverage, and with the balance pertaining to the Casualty and Specialty segment.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. The Company has two segments. The Property segment is comprised of catastrophe and other property reinsurance and insurance written on behalf of its operating subsidiaries, joint ventures, and managed funds. The Casualty and Specialty segment is comprised of casualty and specialty reinsurance and insurance written on behalf of its operating subsidiaries, joint ventures, and managed funds. The Company writes catastrophe reinsurance and insurance coverage protecting against natural and man-made catastrophes, such as earthquakes, hurricanes, typhoons and tsunamis, winter storms, freezes, floods, fires, windstorms, tornadoes, explosions and acts of terrorism, among others. Its subsidiaries include Renaissance Reinsurance Ltd., Validus Reinsurance Ltd. and others.