NU Online News Service, May 2, 3:44 p.m. EDT
Pembroke, Bermuda-based ParnerRe Ltd. has raised its expected losses from the March 11 Japan earthquake and tsunami to $730 million.
On April 14, the company said it expected losses of approximately $500 million.
PartnerRe President and CEO Costas Miranthis says: "We recently received new information from a long-standing large cedant in the region for whom we underwrite several treaties, including some underwritten on an exclusive basis at pricing not available to the broader market. While this information remains limited, we believe it is prudent to increase our loss estimate at this time, including reserving the full limit of our exclusive arrangements."
The company plans to release its 2011 first-quarter results today after market close.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.