Everest Re estimates loss from Chile earthquake at $225M; claims from Europe windstorm at $25M

Reinsurer Everest Re Chile quake loss hits $225M

NEW YORK — Reinsurer Everest Re Group Ltd. on Wednesday estimated its preliminary loss relating to the earthquake in Chile at $225 million.

The powerful Feb. 27 quake left at least 497 dead and hundreds missing. Everest Re said its estimates are based on preliminary analyses and client input.

Bermuda-based Everest Re provides insurance to property and casualty insurers worldwide.

Current industry estimates for overall losses from the 8.8 temblor range between $4 billion and $10 billion.

Everest Re expects $25 million in claims for the European windstorm Xynthia, which hit on Sunday. The storm caused major flooding in France, where a seawall breached. It also left damage in Belgium, Portugal, Spain and parts of Germany. Across Europe, 63 people died as a result of the storm, including 52 in France.

Industry losses for Xynthia are expected to tally between $2 billion and $4 billion.

The company expects it will be several months before it gets a clear picture of its customers underlying losses from the two events, and said estimates may change with more information.

Everest Re shares closed Wednesday up 10 cents at $82.64. The stock has ranged between $60.53 and $93.23 in the past 52 weeks.