Posted on 27 Jul 2011
Marking the reinsurer's latest challenge amid a jump in natural disasters around the world, PartnerRe Ltd. (PRE) estimated Tuesday $89 million in catastrophe losses for April and May related to U.S. tornadoes.
The company already had projected losses of $50 million to $70 million for April.
Further, the insurer sees $59 million in losses due to changes in estimates on catastrophes that occurred in the first quarter. The additional losses are due primarily to an increase in the loss estimate for the New Zealand earthquake in February. PartnerRe added it hasn't materially changed its loss estimate relating to the March earthquake and tsunami in Japan.
The insurer, which is scheduled to release its second-quarter results early next month, has struggled recently under the weight of catastrophe losses. In May, Moody's Investors Service lowered its outlook on the company to negative, citing the reinsurer's outsized first-quarter catastrophe losses relative to most of its peers.
Separately, HCC Insurance Holdings Inc. (HCC) estimated second-quarter tornado losses at $9.6 million after taxes and said its first-quarter catastrophe losses would increase by $4.6 million due to revised estimates of its exposures to the events in Japan and New Zealand.