NU Online News Service, April 14, 3:01 p.m. EDT
PartnerRe says it expects approximately $500 million in losses, pre-tax and net of retrocession and reinstatement premiums, from the March 11 Japan earthquake and tsunami.
The estimate assumes an industry loss of between $25 billion and $30 billion, the company says.
PartnerRe notes the losses will primarily impact the company's catastrophe sub-segment, with smaller amounts included in its other non-life sub-segments and its “corporate and other” segment.
Yesterday, three other Bermuda companies issued their loss estimates, and two executives, Aspen CEO Chris O'Kane and Everest Re Chairman and CEO Joseph V. Taranto, said recent events are firming prices for catastrophe-exposed property lines.
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