With the charge, the company will “reserve the full limit of its Tohoku Earthquake exposure related to its largest Japanese cedant”, PartnerRe said today in a statement distributed by Business Wire.
PartnerRe, led by Chief Executive Officer Constantinos Miranthis, said on May 1 that it expected losses of $730 million related to the earthquake and subsequent tsunami. Fourth-quarter flooding in Thailand will contribute to further losses in the period, PartnerRe said.
The company expects to bear as much as 1 percent of the total insured industry loss tied to the floods, it said.
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