A Tale of Two Floridas: Hurricane Irma’s Belated Impact on Reinsurers
Everest Re | August 21, 2018
Everest Re was among those negatively impacted, with a preannounced net reserve charge of $250 million after taxes pushing net income down to $69.9 million, a figure more than 70 percent lower than last year’s second-quarter income of $245.7 million. During an earnings conference call, Dom Addesso, Everest Re’s president and chief executive officer, explained factors, which had not been apparent at year-end but came to light in the quarter necessitating the charge a large number of reopened claims and demand surge “beyond anything seen before.”