PartnerRe Estimate Flood Losses At $95/120M
Bermuda-based PartnerRe Ltd. said it estimates the cost of the European floods in June 2013 will be between $50 million and $60 million pre-tax and net of retrocession and reinstatement premiums.
In addition, the Company expects material losses related to the extensive flooding in Alberta, Canada that occurred in late June.
“Given the timing of the event and the devastation in Calgary and surrounding areas, there is substantial uncertainty regarding the extent of the losses. The Company’s preliminary estimate of losses for this event is $45 million to $60 million,” said PartnerRe.
