PartnerRe Ltd. says it expects around $63 million in net after-tax losses in its North American Agriculture portfolio due primarily to drought conditions in the U.S.
The company says the net charge equates to a pre-tax charge of $85 million, and includes premiums, losses, commissions, brokerage and fees related to all agriculture business written in the its North American sub-segment.
PartnerRe says it suffered no other third-quarter individual-loss events in excess of $35 million.
Previously, Allied World Assurance said it expected to record $40 million in third-quarter crop losses.
For the industry overall, Standard & Poor's said drought-related losses could exceed $5 billion.
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