Bermuda-based PartnerRe Ltd. said it estimates that claims relating to its exposure to Hurricane Ivan are expected to be between $35-$45 million, with the loss split equally between U.S. and Caribbean exposures.
“The Company’s loss estimate for Ivan is based on an analysis of both its U.S. and Bermuda operations and its own estimate of industry insured losses of approximately $4.5-$6 billion,” said the bulletin.
PartnerRe also said it had revised its estimate of claims relating to Hurricane Charley to approximately $27 million, down from the initial estimate of between $35-$45 million. The Company estimates that claims relating to its exposure to Hurricane Frances will be less than $25 million.
President & CEO Patrick Thiele commented: “This quarter has been very active in terms of named storms both in the Atlantic/Caribbean region and in the Pacific. We expect third quarter results to be impacted by our exposure to this accumulation of loss events. Our ability to reach our plan for 2004 of a minimum of $6.90 in operating earnings per share will be dependent upon our exposure to Hurricane Jeanne and large loss experience for the remainder of the year.”
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