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PartnerRe estimates storm losses of $475m

Devastation: Hurricane Maria caused chaos in Puerto Rico

PartnerRe Ltd has estimated combined catastrophe losses of approximately $475 million from its exposure to hurricanes Harvey, Irma and Maria for the third quarter.

The company, which is owned by Italian investment firm Exor, stressed there was significant uncertainty over the estimates, which was based on a preliminary analysis of the company’s exposures, the current assumption of total insured industry losses and the early information from cedants.

PartnerRe’s announcement comes after fellow Bermudian reinsurer RenaissanceRe yesterday estimated catastrophe losses of about $625 million for the third quarter, related to the three hurricanes and the Mexico City earthquake.