PartnerRe Details Large Catastrophe Losses
Bermuda’s PartnerRe Ltd. today [Oct. 27] provided information on large losses affecting the third quarter of 2011 and their impact on the company’s catastrophe sub-segment.
The company experienced no individual loss events occurring during the third quarter of 2011 which were in excess of $35 million.
But PartnerRe expects to record $136 million in losses associated with changes in estimates related to catastrophe-related large losses that occurred during the first quarter of 2011.
The total net impact of changes in loss estimates associated with the Tohoku earthquake in Japan is expected to be $101 million. Of this total, $112 million will be recorded in the catastrophe sub-segment, with a corresponding decrease of $11 million being recorded in the company’s other Non-life sub-segments and its Life segment.
The balance of $35 million relates to a re-estimation of losses associated with the Lyttleton earthquake, which impacted New Zealand in February 2011 and will be recorded in the company’s catastrophe sub-segment. These revised estimates are based upon all currently available information, including revised client advices.
The total of all losses expected to be recorded in the company’s catastrophe sub-segment for the third quarter of 2011 is $169 million.
PartnerRe is scheduled to release third quarter and nine month 2011 results after the close of trading on Monday, October 31, 2011
