Bloomberg News

PartnerRe Will Take $88 Million Charge Tied to Japan Earthquake

December 14, 2011

Dec. 14 (Bloomberg) -- PartnerRe Ltd., the Bermuda-based reinsurer, said it will record a fourth-quarter charge of about $88 million tied to the March 11 earthquake in Japan.

With the charge, the company will “reserve the full limit of its Tohoku Earthquake exposure related to its largest Japanese cedant”, PartnerRe said today in a statement distributed by Business Wire.

PartnerRe, led by Chief Executive Officer Constantinos Miranthis, said on May 1 that it expected losses of $730 million related to the earthquake and subsequent tsunami. Fourth-quarter flooding in Thailand will contribute to further losses in the period, PartnerRe said.

The company expects to bear as much as 1 percent of the total insured industry loss tied to the floods, it said.

--Editor: Dan Kraut

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net.

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net.


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