PartnerRe Estimates Gustav Losses Between $25 to $45 Million

Bermuda-based PartnerRe Ltd. announced that its preliminary estimate of claims relating to its exposure to Hurricane Gustav are currently expected to be between $25 and $45 million on a pre-tax basis, net of reinstatement premiums.

“During the last week of August, 2008, Hurricane Gustav intensified from tropical storm status to a Category 3 hurricane as it moved across the Caribbean — Hispaniola, Jamaica, and Cuba — and the Gulf of Mexico before making landfall in the U.S. on September 1, 2008 about 70 miles west of New Orleans, Louisiana,” the bulletin noted. “At landfall in the U.S., Gustav was a strong Category 2 hurricane.”

PartnerRe said its “loss estimate is based on the assessment of individual treaties as well as client data and is spread across the U.S., Global (non-U.S.) Specialty and Catastrophe sub-segments. This loss estimate will be refined as additional information is received from cedants.”

Source PartnerRe: http://www.partnerre.com