PartnerRe Takes Further Action Related to Exposures Impacted by the Tohoku Earthquake in Japan; Expects to Record Charge of $88M

PartnerRe (NYSE: PRE) today announced that the Company expects to record a charge of approximately $88 million to reserve the full limit of its Tohoku Earthquake exposure related to its largest Japanese cedant. The decision to reserve the full limit of its exposure to this particular cedant follows a recently completed intensive on-the-ground audit by the Company of the cedant's exposures and claims processes.

This charge is expected to be reflected in the Company's fourth quarter 2011 results, and will impact its Catastrophe sub-segment, is pre-tax, net of retrocession and reinstatement premiums.