RenaissanceRe estimates $650M net negative Q3 impact from catastrophes, mostly Hurricane Ian

RENAISSANCERE HOLDINGS LTD

Hurricane Ian accounts for ~$540M of the estimated $650M net negative impact on Q3 2022 results.
Expects a net loss attributable to common shareholders for Q3 and nine months ended September 30, 2022.
Operating loss for Q3 expected, but nine-month operating loss expected to be modest.
CEO Kevin O'Donnell says firm stands ready to pay claims and provide reinsurance in 2023.
Estimates are preliminary based on limited claims data; actual losses may vary materially.

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