PartnerRe Estimate Explosion Losses: $50-70M
Bermuda-based PartnerRe Ltd. said that the Company estimates that losses relating to the explosion in Tianjin, China in August this year will be between $50 million and $70 million pre-tax and net of retrocession and reinstatement premiums.
“These losses will be recorded in the Company’s third quarter 2015 results, and they will be recorded in the Company’s Global P&C, Specialty, Catastrophe, and North America sub-segments,” the company said.
“The Company’s estimate of losses for these events is based on information received to date from the Company’s cedants, as well as analysis of the Company’s exposures. There is considerable uncertainty associated with any loss estimate. The ultimate loss, therefore, may differ materially from the current estimate.”
