Partner Re Adds $88M To Quake Claims

December 15, 2011

PartnerRe Ltd., the Bermuda-based reinsurer, said yesterday [Dec.15] it will add $88 million to its estimated losses from the Japanese earthquake in the fourth quarter.

With the charge, the company will “reserve the full limit of its Tohoku Earthquake exposure related to its largest Japanese cedant”, PartnerRe saidin a statement.

PartnerRe, led by Chief Executive Officer Constantinos Miranthis, said on May 1 that it expected losses of $730 million related to the earthquake and subsequent tsunami. Fourth-quarter flooding in Thailand will contribute to further losses in the period, PartnerRe said.

The company expects to bear as much as one percent of the total insured industry loss tied to the floods, it said.

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