PartnerRe Comments on Financial Impact of Losses Affecting Second Quarter 2011 Results
PartnerRe Ltd. (NYSE: PRE) today provided information on the net impact of catastrophe-related large losses affecting second quarter 2011 results.
Large losses related to the significant tornado activity in the U.S. in April and May 2011 are estimated to total $89 million, which includes the tornado losses during the last week of April 2011 that were already disclosed by the Company.
In addition, the Company expects to record $59 million in losses associated with changes in estimates during the second quarter for catastrophe events that occurred in the first quarter of 2011. This primarily relates to an increase in the loss estimate for the New Zealand earthquake in February 2011, following the receipt of recently revised loss information from cedants. The Company did not materially change its loss estimate associated with the Tohoku Earthquake and resulting tsunami impacting Japan in March 2011.
