PartnerRe Estimates NZ Quake: $240 Million
Bermuda reinsurer PartnerRe Ltd. today [Mar.8] provided its initial estimate of expected losses relating to the earthquake which occurred near Christchurch, New Zealand on February 21.
The earthquake resulted in at least 165 deaths and significant damage to both commercial and residential property.
The company’s initial estimate of losses from this event is in the range of US$180 million to US$240 million. The estimate is based on an analysis of the company’s exposure in the region and is consistent with a modeled total insured loss estimate of NZ$10 billion to NZ$15 billion [US$7.4 billion to US$11.1billion]. The estimate is preliminary, as there is currently only limited information from sources on the ground regarding the extent of structural damage.
PartnerRe’s loss estimate is pre-tax, net of retrocession and reinstatement premiums, and relates to all reinsurance contracts expected to be impacted by this event. PartnerRe’s loss is expected to be contained primarily within the Catastrophe sub-segment.
Based in Wellesley House on Pitts Bay Road, PartnerRe is a is a leading global reinsurer, providing multi-line reinsurance to insurance companies.
Earlier this week Allied World Assurance Company Holdings– which maintains a major Bermuda presence despite redomiciling in Switzerland last year — estimated its losses from the Christchurch earthquake would fall in the $30-40 million range.
