Bermuda-based PartnerRe Ltd. has issued a statement indicating that it has “experienced no individual loss events occurring during the third quarter of 2011 which were in excess of $35 million.” The bulletin added that the “total of all losses expected to be recorded in the Company’s catastrophe sub-segment for the third quarter of 2011 is $169 million.”
Referring to earlier loss events, Partner Re said it expects “to record $136 million in losses associated with changes in estimates related to catastrophe-related large losses that occurred during the first quarter of 2011. The total net impact of changes in loss estimates associated with the Tohoku earthquake in Japan is expected to be $101 million. Of this total, $112 million will be recorded in the catastrophe sub-segment, with a corresponding decrease of $11 million being recorded in the Company’s other Non-life sub-segments and its Life segment.
“The balance of $35 million relates to a re-estimation of losses associated with the Lyttleton earthquake, which impacted New Zealand in February 2011 and will be recorded in the Company’s catastrophe sub-segment. These revised estimates are based upon all currently available information, including revised client advices.”
PartnerRe is scheduled to release third quarter and nine month 2011 results after the close of trading on Monday, October 31, 2011. PartnerRe Management will conduct a conference call and webcast on Tuesday, November 1, 2011 at 10:00 a.m. Eastern time.
Source: PartnerRe
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