PartnerRe Ups NZ Earthquake Estimate
PartnerRe Ltd. yesterday [Dec 14] updated its loss estimate relating to the September 3, 2010 New Zealand earthquake.
They now expects its losses in the range of $140 – $160 million, a significant raise from the Company’s initial published estimate of $64 million included in its third quarter 2010 financial results.Based on this information, the Company estimates an industry loss of approximately $4.5 – $5.5 billion.
PartnerRe’s loss estimate is pre-tax, net of reinstatement premiums, assumed and ceded, and net of retrocession. These losses are expected to be contained primarily within the Catastrophe sub-segment. PartnerRe added that to date there have been no other significant large losses during the quarter.
