PartnerRe provides update on recent flood losses

PartnerRe announced that the company estimates the cost of the European floods in June 2013 will be between $50M and $60M pre-tax and net of retrocession and reinstatement premiums. In addition, the company expects material losses related to the extensive flooding in Alberta, Canada. The flooding occurred in late June. Given the timing of the event and the devastation in Calgary and surrounding areas, there is substantial uncertainty regarding the extent of the losses. The Company’s preliminary estimate of losses for this event is $45M to $60M. These losses will be recorded in the company’s Q213 results. The majority of these losses are expected to impact the company’s catastrophe sub-segment, but will also affect the company’s other Non-Life sub-segments.