Much of eastern and central Europe experienced widespread flooding, starting on August 6. Austria, Germany and the Czech Republic were worst affected. Estimates of economic damage are now as high as $20 billion, while the insured loss is expected to be between $3.5 and $4.0 billion.
Patrick Thiele, President and CEO of PartnerRe Ltd., commented, "As we stated in our August 16 release, our initial estimate of $100 million was based on very preliminary information and an expected insured loss of $1.5 billion. After further review of the event and our client accounts, and taking into consideration the rising market loss estimate, we are refining our loss estimate to an expected range of $110 - $120 million. This figure is consistent with our important position in the European reinsurance market."
PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. Risks reinsured include property, catastrophe, agriculture, motor, casualty, marine, aviation/space, credit/surety, engineering/energy, technical and miscellaneous lines, life/annuity and health. In 2001 total revenues were $1.9 billion. As of June 30, 2002, total assets were $7.9 billion, total capitalization was $2.5 billion and total shareholders' equity was $1.9 billion.
PartnerRe on the Internet: www.partnerre.com