PartnerRe Estimates Lehman Losses at $110 Million

September 17, 2008

Bermuda-based PartnerRe Ltd. announced it held $110 million face value of fixed income securities issued by Lehman Brothers Holdings Inc. The investment bank filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York on Monday.

PartnerRe said the exposures consisted of “$82 million in senior notes and $28 million in subordinated notes issued by Lehman and represents less than one percent of PartnerRe’s total investment portfolio.”

The announcement added that “PartnerRe has no direct ownership of Lehman common stock, and has De minimis exposure through its participation in S&P 500 indexed ETFs.”

Source: PartnerRe –

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