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Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Typhoon Hagibis
The Company currently estimates, on a preliminary basis, that losses from Typhoon Hagibis will have an estimated net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders of approximately $175 million on its fourth quarter 2019 results of operations.
Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest. The Company’s estimates of net negative impact are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially.
Meaningful uncertainty regarding the estimates and the nature and extent of the losses from this event remains, driven by the magnitude and recent occurrence of the event, the geographic area in which the event occurred, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things. Updated estimates related to this event will be reflected in RenaissanceRe’s fourth quarter 2019 results of operations, when reported, and changes in these estimates will be recorded in the period in which they occur.
Other Fourth Quarter 2019 Catastrophe Events
Other catastrophe events in the fourth quarter of 2019, including the ongoing wildfires in California and the tornadoes in North Texas in October 2019, may have an impact on the Company’s financial results. The wildfires in California, including the Kincade Fire in Sonoma County and the Getty and Tick Fires in Los Angeles County, have already forced widespread evacuations and caused extensive power outages. The Company’s assessment of the impact from these other catastrophe events remains at a very preliminary stage. It is difficult at this time to provide an accurate estimate of the financial impact of these events as a result of the ongoing nature of the wildfires and the preliminary nature of the information available and provided thus far by industry participants, among other factors.