PartnerRe Ltd. Provides Preliminary Estimate of Losses Related to Superstorm Sandy

  PartnerRe Ltd. Provides Preliminary Estimate of Losses Related to Superstorm
  Sandy

Business Wire

PEMBROKE, Bermuda -- December 19, 2012

Regulatory News:

PartnerRe Ltd. (NYSE, Euronext: PRE) today announced that the Company expects
to record a charge of between $200 million and $240 million, pre-tax, net of
retrocession and reinstatement premiums, in its fourth quarter 2012 results,
related to Superstorm Sandy.

The Company estimates that the majority of its losses will come from accounts
with commercial line exposures. A number of business lines written by the
Company are impacted by Superstorm Sandy, including catastrophe treaties,
property per risk treaties, marine treaties, engineering treaties and
facultative policies. This charge is expected to impact the Company’s
Catastrophe, U.S. P&C, and Global Specialty sub-segments.

The estimated losses are based on information received from the Company’s
cedants, supplemented by other loss estimation techniques employed by the
Company, and considers all of the Company’s exposures. There is considerable
uncertainty associated with any loss estimate, which in this instance, is
further complicated by the inherent uncertainties involved in the claim
settlement process. The ultimate loss, therefore, may differ materially from
the current estimate.

                           _______________________

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. The Company, through its wholly owned subsidiaries,
also offers capital markets products that include weather and credit
protection to financial, industrial and service companies. Risks reinsured
include property, casualty, motor, agriculture, aviation/space, catastrophe,
credit/surety, engineering, energy, marine, specialty property, specialty
casualty, multiline and other lines, mortality, longevity and health, and
alternative risk products. For the year ended December 31, 2011, total
revenues were $5.4 billion, and at September 30, 2012, total assets were $23.6
billion, total capital was $7.9 billion and total shareholders’ equity was
$7.1 billion.

PartnerRe on the Internet: www.partnerre.com

Forward-looking statements contained in this press release are based on the
Company’s assumptions and expectations concerning future events and financial
performance and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to
significant business, economic and competitive risks and uncertainties that
could cause actual results to differ materially from those reflected in the
forward-looking statements. PartnerRe’s forward-looking statements could be
affected by numerous foreseeable and unforeseeable events and developments
such as exposure to catastrophe, or other large property and casualty losses,
credit, interest, currency and other risks associated with the Company’s
investment portfolio, adequacy of reserves, levels and pricing of new and
renewal business achieved, changes in accounting policies, risks associated
with implementing business strategies, and other factors identified in the
Company’s filings with the Securities and Exchange Commission. In light of the
significant uncertainties inherent in the forward-looking information
contained herein, readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which they are
made. The Company disclaims any obligation to publicly update or revise any
forward-looking information or statements.

Contact:

PartnerRe Ltd.
441-292-0888
Investor Contact: Robin Sidders
Media Contact: Celia Powell
or
Sard Verbinnen & Co
212-687-8080
Drew Brown/Daniel Goldstein
 
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