NU Online News Service, Dec. 15, 3:37 p.m. EST

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Pembroke, Bermuda-based reinsurer PartnerRe Ltd. said it hasupped its loss estimate for the Sept. 3 New Zealand earthquake.

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The carrier said it now expects its losses for the earthquake tobe in the range of $140-$160 million, up from the company's initialestimate of $64 million included in its third-quarter 2010 financial results.

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The revision is based on a review of recent information receivedfrom several cedants and reflects the higher than expected numberof new claims filed in November and December, the company said. Italso reflects engineering reports regarding the extent of landdamage.

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Based on this information, PartnerRe said it estimates an industry loss ofapproximately $4.5-$5.5 billion.

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PartnerRe's loss estimate is pre-tax, net of reinstatementpremiums, assumed and ceded, and net of retrocession. These lossesare expected to be contained primarily within the catastrophesubsegment, the company said.

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PartnerRe added that to date there have been no othersignificant large losses during the quarter.

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