PartnerRe Ltd. says the pretax cost of June's central European floods will fall between $50 million and $60 million.
The estimate is net of retrocession and reinstatement premiums on coverage limits that have been reduced by loss payments, PartnerRe adds.
The reinsurer also expects losses related to record-breaking June flooding in Alberta, Canada, which devastated Calgary, the province's largest city and major distribution center. PartnerRe preliminarily estimates losses for this catastrophe between $45 million and $60 million.
The losses are expected to impact the company's Catastrophe and other Non-Life sub-segments for the second quarter of 2013. PartnerRe is scheduled to release its second quarter and six-month 2013 results on Monday, July 19.
PartnerRe's non-life written and earned net premiums totaled $1.4 billion and $923 million, respectively; increasing by 10 percent and 16 percent from the second quarter of 2012. Written and earned net premiums on the company's Global P&C sub-segment were up by 5 percent and 3 percent in the first quarter from the prior year.
The company's net year-end revenue in 2012 was $5.6 billion.
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