Partner Re Expect $240M Loss From Sandy
Bermuda-based PartnerRe Ltd. said they expect to record a charge of between $200 million and $240 million, pre-tax, net of retrocession and reinstatement premiums, in its fourth quarter 2012 results, related to Superstorm Sandy.
The Company estimates that the majority of its losses will come from accounts with commercial line exposures. A number of business lines written by the Company are impacted by Superstorm Sandy, including catastrophe treaties, property per risk treaties, marine treaties, engineering treaties and facultative policies. This charge is expected to impact the Company’s Catastrophe, U.S. P&C, and Global Specialty sub-segments.
