Tornadoes: PartnerRe Estimate $50-$70M
Bermuda-based PartnerRe Ltd. today [June 5] said they expect losses of approximately $50-$70 million in relation to the tornado outbreak that impacted large areas of the United States in April 2011.
During the last week of April 2011 a large and violent tornado outbreak – among the largest in U.S. history – occurred, causing hundreds of deaths and severe destruction to large areas of southern, midwestern and northeastern United States.
The net loss for this event, which will be recorded in the Company’s second quarter 2011 results, will primarily impact the Company’s Catastrophe, North America, and Global (Non-U.S.) Specialty sub-segments.
Loss estimates are pre-tax, net of retrocession and reinstatement premiums, and relate to all reinsurance contracts and insurance-linked securities expected to be impacted by these events.
