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PartnerRe Ltd Provides Initial Estimate Of Chilean Earthquake and European Windstorm Claims
PEMBROKE, Bermuda – 09 March, 2010 - PartnerRe Ltd. (NYSE, Euronext:PRE) has provided its initial estimates of expected claims relating to the recent earthquake in Chile and European Windstorm Xynthia.
The Company expects that total insured industry losses from the M8.8 earthquake in Chile, which hit on February 27, 2010, will be in the range of approximately $6-$10 billion. Within this context, the Company expects its claims relating to the earthquake will be between $220-$320 million pre-tax and are expected to be contained primarily within the Global Property & Casualty, Catastrophe and PARIS RE sub-segments.
PartnerRe's loss estimate is net of reinstatement premium and retrocession.
It is based on a top down analysis as well as on model output, the assessment of individual treaties and client data, and is consistent with the Company's market position in the region. This estimate is preliminary, as there is limited actual loss data. As additional information is received particularly relating to potential structural damage in the capital of Santiago, we will update this estimate.
European Windstorm Xynthia, which struck Europe over the weekend of February 27-28, is estimated to have caused industry losses in the range of $2-$4 billion, having swept across several European countries including Portugal, Spain, France, Belgium, the Netherlands, Luxembourg, and Germany. PartnerRe expects its claims relating to Windstorm Xynthia will be between $40-$70 million pre-tax and are expected to be contained primarily within the Catastrophe and PARIS RE sub-segments. This estimate is net of reinstatement premium and retrocession.
PartnerRe is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company through its wholly owned subsidiaries also offers alternative risk products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion, and at December 31, 2009 total assets were $23.7 billion, total capital was $8.0 billion and total shareholders' equity was $7.6 billion.
PartnerRe on the Internet: www.partnerre.com
Contacts:
PartnerRe Ltd: – Robin Sidders - (441) 292-0888
Citigate Sard Verbinnen & Co:
Drew Brown/Jane Simmons - (212) 687-8080