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PartnerRe Ltd. - Update on Estimated New Zealand Earthquake Losses
PEMBROKE, Bermuda – 15 December, 2010 - PartnerRe Ltd. (NYSE,Euronext:PRE) updated its loss estimate relating to the September 3, 2010 New Zealand earthquake.
The Company now expects its loss estimate for the New Zealand Earthquake to be in the range of $140 - $160 million. The revision upward from the Company's initial published estimate of $64 million, included in its third quarter 2010 financial results, is based on a review of recent information received from several cedants and reflects the higher than expected number of new claims filed in November and December. It also reflects engineering reports regarding the extent of land damage. Based on this information, the Company estimates an industry loss of approximately $4.5 - $5.5 billion.
PartnerRe's loss estimate is pre-tax, net of reinstatement premiums, assumed and ceded, and net of retrocession. These losses are expected to be contained primarily within the Catastrophe sub-segment.
The Company added that to date there have been no other significant large losses during the quarter.
PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets 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, multiline and other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion. At September 30, 2010, total assets were $24.3 billion, total capital was $8.4 billion and total shareholders’ equity was $7.6 billion.
PartnerRe on the Internet: www.partnerre.com
Contacts:
PartnerRe Ltd: – (441) 292-0888
Investor Contact: Robin Sidders
Media Contact: Celia Powell
Sard Verbinnen & Co: - Drew Brown/Briana Kelly - (212) 687-8080