PartnerRe Ltd. estimates that losses from the August explosion in China’s Port of Tianjin will be between $50 million and $70 million pre-tax and net of retrocession and reinstatement premiums.
These losses will be recorded in the company’s third quarter 2015 results in the company’s Global P&C, Specialty, Catastrophe, and North America sub-segments, according to a statement from PartnerRe, the company that will be purchased by Italy’s Exor SpA for $6.9 billion, which is expected to be finalized in the first quarter 2016.
PartnerRe says its estimate of losses for these events is based on information received to date from cedents, as well as analysis of exposures. There is considerable uncertainty associated with any loss estimate, the reinsurer said, noting that the ultimate loss, therefore, may differ materially from the current estimate.
Source: PartnerRe