PEMBROKE, Bermuda–(BUSINESS WIRE)– PartnerRe Ltd. (NYSE: PRE) today announced that the Company estimates the cost of the German Hailstorms in the last week of July 2013 will be between $50 million and $60 million pre-tax and net of retrocession and reinstatement premiums.
These losses will be recorded in the Company’s third quarter 2013 results. The majority of these losses are expected to impact the Company’s Catastrophe sub-segment.
The Company’s estimate of losses for these events is based on information received to date from the Company’s cedants, as well as analysis of the Company’s exposures. There is considerable uncertainty associated with any loss estimate. The ultimate loss, therefore, may differ materially from the current estimate.
PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products. For the year ended December 31, 2012, total revenues were $5.6 billion. At June 30, 2013, total assets were $22.6 billion, total capital was $7.2 billion and total shareholders’ equity attributable to PartnerRe was $6.4 billion.
PartnerRe on the Inteet: www.partnerre.com
Forward-looking statements contained in this press release are based on the Company’s assumptions and expectations concerning future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe’s forward-looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe, or other large property and casualty losses, credit, interest, currency and other risks associated with the Company’s investment portfolio, adequacy of reserves, levels and pricing of new and renewal business achieved, changes in accounting policies, risks associated with implementing business strategies, and other factors identified in the Company’s filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company disclaims any obligation to publicly update or revise any forward-looking information or statements.
Investor: Robin Sidders
Media: Celia Powell
Sard Verbinnen & Co
Drew Brown/Daniel Goldstein
Source: PartnerRe Ltd.