PartnerRe, soon to be acquired by the Italian investment firm EXOR, has chimed in with initial loss estimates from the Tianjin explosion in China.
The Bermuda-based reinsurer said its Tianjin-related losses will hit between $50 million and $70 million pre-tax, and net of retrocession and reinstatement premiums.
Losses from the Aug. 12 event will count in PartnerRe’s 2015 third quarter results, and be recorded in its global P/C, specialty, catastrophe and North America sub-segments.
Earlier in October, Validus Holdings Ltd., a Bermuda-based insurance and reinsurance holding company, disclosed estimated losses of $43.9 million from Tianjin.
Zurich Insurance Company Ltd. said it lost $275 million from the same event.
Meanwhile, PartnerRe shareholders are scheduled to vote on the planned $6.9 billion EXOR acquisition of their company on Nov. 19.
Source: PartnerRe
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