Everest Re estimates $80 million in Q2 catastrophe losses

Everest Re Group is anticipating net catastrophe losses of $80 million in 2011 Q2, stemming from wildfires in Alberta and severe weather that affected the United States during April and May.The preliminary 2011 Q2 loss estimate includes updated loss provisions for 2011 Q1 losses.The reinsurer anticipates losses related to the most recent New Zealand earthquake will be less than $10 million. They will therefore not be reported as part of its current catastrophe loss provision. “Despite these losses, we expect to have an underwriting profit in the quarter and a solid increase in our already strong capital position,” said Joseph V. Taranto, chairman and CEO.