NU Online News Service, July 27, 1:05 p.m. EST
PartnerRe Ltd. says losses related to tornadoes in the United States in April and May now stands at an estimated $89 million, pretax.
The Pembroke, Bermuda-based global reinsurer early last month gave a loss estimate of between $50 million and $70 million for a tornado outbreak during the last week of April.
Additionally, the company says it expects $59 million more in losses due to changes in estimates for catastrophes that happened during the first quarter—mainly an increase in losses tied to the New Zealand earthquake in February.
The announcement was made in anticipation of the reinsurer's second quarter results, to be released late Aug. 1.
After PartnerRe reported $1.07 billion in pretax, net catastrophe losses from January events in Australia, the February New Zealand earthquake, and the March earthquake and tsunami in Tohoku, Japan, Moody's Investor Services changed PartnerRe's outlook to negative from stable.
PartnerRe says it did not change its estimate of losses for the Tohoku earthquake and resulting tsunami.
HCC Insurance Holdings Inc. also says that after looking at its exposures again, the company will record a pretax $7.1 million increase in net catastrophe losses related to events in Japan and New Zealand in the first quarter.
Total estimated losses from these events after reinsurance and reinstatement premiums are now $58.6 million, pretax, HCC says.
Another $14.7 million in pretax catastrophe losses is expected from tornadoes in the U.S. in the second quarter.
Total year-to-date catastrophe losses for HCC are $73.3 million, the company says.
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