Bermuda-based PartnerRe Ltd. announced that it “expects to record a charge of approximately $120 million, pre-tax and net of retrocession and reinstatement premiums, in its fourth quarter 2011 results related to the flooding in Thailand, which occurred in October and November, 2011.”
PartnerRe noted that the figures are in line with the Company’s previous announcement that its losses related to this event will be in the range of 0.5 percent-1.0 percent of the total insured industry losses. The Company’s estimate is consistent with an industry event loss estimate in excess of $15 billion.
As a result of both the floods and an increase to loss estimates related to the Tohoku earthquake in Japan previously announced by the Company, as well as “other loss activity, PartnerRe said it “expects to report a fourth quarter 2011 pre-tax operating loss of between $110-$130 million.” It also expects to report a fourth quarter 2011 after-tax operating loss of between $130-$150 million, or between $1.95 and $2.25 on a fully diluted per share basis.”
The Thailand losses are expected to primarily impact the Company’s Global P&C, Global Specialty and Catastrophe, sub-segments.
PartnerRe Ltd. is scheduled to release fourth quarter and full year 2011 results following the market close on Monday, February 6, 2012, with a subsequent dial-in analyst conference call on Tuesday, February 7, 2012 at 10:00 a.m. Eastern.
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