It is business as usual at PartnerRe in spite of having to report a Katrina-impacted bottom line net loss of $288.7 million, the Bermuda-based company's chief executive suggested during a conference call this morning.
Patrick Thiele, the company's CEO, said that PartnerRe's Katrina losses, estimated at $510 million, represents roughly 2 percent of his company's estimate of industry reinsurance losses–"consistent with our share of global reinsurance market capital."
He said that PartnerRe believes total industry losses from Katrina–including commercial flood, offshore energy and casualty, as well as property–will fall in the $45 to $48 million range, with 55 to 60 percent of that falling to reinsurers.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
