PartnerRe Ltd. says it expects around $63 million in net after-tax losses in its North American Agriculture portfolio due primarily to drought conditions in the U.S.
The company says the net charge equates to a pre-tax charge of $85 million, and includes premiums, losses, commissions, brokerage and fees related to all agriculture business written in the its North American sub-segment.
PartnerRe says it suffered no other third-quarter individual-loss events in excess of $35 million.
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