Bermuda-based PartnerRe Ltd. has increased its estimate of claims from Hurricane Ike by $115 million to a total estimate of approximately $305 million, pre-tax and after reinstatement premiums.
PartnerRe said its “third quarter 2008 results included claims from Ike of $190 million, pre-tax and net of reinstatement premiums. The increase is the result of new information from clients reflecting larger losses than initial notifications. The increases are primarily concentrated in the Marine line in the Global (non-U.S.) Specialty sub-segment, and per risk treaties in the U.S. sub-segment, with a more modest increase in the Catastrophe sub-segment.”
President and CEO Patrick Thiele commented: “We believe Ike is ultimately the third most costly insured hurricane in history. It has proved to be more destructive to offshore energy installations and had a much larger and more damaging footprint on land than was originally estimated. We expect the impact of this increase on fourth quarter results to be partially mitigated by the higher level of catastrophe-exposed premiums that we typically earn in the second half of the year.”
Source: PartnerRe – www.partnerre.com
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