PartnerRe Ltd. yesterday boosted its estimates for third quarter catastrophe claims by $62 million to $677 million.

Hurricane Katrina claims are now estimated at $525 million with a further $85 million for Hurricane Rita and approximately $67 million for flooding in Central Europe. The $62 million increase will be reflected in the company?s fourth quarter results.

The company?s initial estimate of $190-$210 million in claims for Hurricane Wilma are based on an industry loss of more than $2 billion in Mexico and $10-$12 million in Florida. The company expects 30 percent of its loss to come from Mexico.

PartnerRe also said that in light of current market conditions, it expects to see 2006 operating return on beginning shareholders equity in the mid-teens and anticipates a fully diluted book value per share growth in excess of ten percent.

PartnerRe Ltd. president and CEO Patrick Thiele said: ?The reinsurance market remains competitive with substantial price increases only in those lines that were directly affected by the numerous catastrophes of 2005. Certain lines and markets that were not affected by those major catastrophes, including Asia, portions of Europe and selected specialty lines, are increasingly competitive. In addition, many cedants continue to increase their net retentions and are moving from quota share to excess of loss coverages, reducing the amount of premium in the reinsurance marketplace. Nonetheless, this is an environment in which PartnerRe, with its broad diversification, financial strength, client relationships, technical skills, and multiple distribution channels, can be successful.?

The company?s 2006 financial plan assumes a reasonable level of large losses, stable foreign exchange and interest rates and healthy equity markets in 2002.