Partner Re blows its initial Katrina estimate
Bermudian Reinsurer partner Re has updated its Katrina loss estimate, conceding that it is now likely to exceed its original estimate of a hit to shareholders’ funds of no more than 10%.Partner Re now currently estimates that total net impact of the Gulf Coast Hurricanes Katrina and Rita and the flooding in Central Europe, adjusted for reinstatement premiums, will be between $560-$590m on a pre-tax basis.
This figure comprises includes estimated claims of between $470-$490m relating to Hurricane Katrina, estimated claims of between $30-$35m relating to Hurricane Rita, and estimated claims of betweenOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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