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PartnerRe Ltd. – Loss Estimate Related to Superstorm Sandy
PEMBROKE, Bermuda – 20 December, 2012 - PartnerRe Ltd. (NYSE,Euronext: PRE; BSX: PRE.BH) today announced that the Company expects to record a charge of between $200 million and $240 million, pre-tax, net of retrocession and reinstatement premiums, in its fourth quarter 2012 results, related to Superstorm Sandy.
The Company estimates that the majority of its losses will come from accounts with commercial line exposures. A number of business lines written by the Company are impacted by Superstorm Sandy, including catastrophe treaties, property per risk treaties, marine treaties, engineering treaties and facultative policies. This charge is expected to impact the Company’s Catastrophe, U.S. P&C, and Global Specialty sub-segments.
The estimated losses are based on information received from the Company’s cedants, supplemented by other loss estimation techniques employed by the Company, and considers all of the Company’s exposures. There is considerable uncertainty associated with any loss estimate, which in this instance, is further complicated by the inherent uncertainties involved in the claim settlement process. The ultimate loss, therefore, may differ materially from the current estimate.
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, mortality, longevity and health, and alternative risk products. For the year ended December 31, 2011, total revenues were $5.4 billion, and at September 30, 2012, total assets were $23.6 billion, total capital was $7.9 billion and total shareholders’ equity was $7.1 billion.
PartnerRe on the Internet: www.partnerre.com
PartnerRe Ltd.
441-292-0888
Investor Contact: Robin Sidders
Media Contact: Celia Powell
or
Sard Verbinnen & Co
212-687-8080
Drew Brown/Daniel Goldstein