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Member, Beacon International Group, Ltd.
PEMBROKE, Bermuda—Multiline reinsurer PartnerRe Ltd. estimates its pretax losses from the recent flooding in Australia at $25 million to $35 million.
The losses likely will be recorded in its results for the fourth quarter of 2010, the Pembroke, Bermuda-based company said Monday in a statement.
In addition to the Australian flooding that continued into this year, PartnerRe said a significant number of losses that occurred in Australia and New Zealand last year likely will prompt it to incur a charge of about $45 million on aggregate cover it underwrote. That charge also will be recorded in the fourth quarter of 2010.
PartnerRe said large areas of Australia continue to be affected by flooding and that the flooding this year may be classified as a separate event or events from last year, thus affecting results for the first quarter of this year.
PartnerRe will release 2010 results after the close of stock trading on Monday.