PEMBROKE, Bermuda–(BUSINESS WIRE)– PartnerRe Ltd. (NYSE: PRE) today announced that the Company estimates the cost of the European floods in June 2013 will be between $50 million and $60 million pre-tax and net of retrocession and reinstatement premiums.
In addition, the Company expects material losses related to the extensive flooding in Alberta, Canada. The flooding occurred in late June. Given the timing of the event and the devastation in Calgary and surrounding areas, there is substantial uncertainty regarding the extent of the losses. The Company’s preliminary estimate of losses for this event is $45 million to $60 million.
These losses will be recorded in the Company’s second quarter 2013 results. The majority of these losses are expected to impact the Company’s Catastrophe sub-segment, but will also affect the Company’s other Non-Life sub-segments.
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, supplemented by other loss estimation capabilities. There is considerable uncertainty associated with any loss estimate, which in this instance, is further complicated by the inherent uncertainties related to flood events. The ultimate loss, therefore, may differ materially from the current estimate.
PartnerRe Ltd. is scheduled to release second quarter and six month 2013 results following the market close on Monday, July 29, 2013, with a subsequent dial-in analyst conference call on Tuesday, July 30, 2013 at 10:00 a.m. Easte.
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 March 31, 2013, total assets were $23.1 billion, total capital was $7.7 billion and total shareholders’ equity attributable to PartnerRe Ltd. was $6.9 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 Contact: Robin Sidders
Media Contact: Celia Powell
Sard Verbinnen & Co
Drew Brown/Daniel Goldstein
Source: PartnerRe Ltd.