PartnerRe estimates Tianjin losses between $50-70m

Global reinsurer PartnerRe has estimated that its losses relating to the explosion in Tianjin, China, in August this year will be between $50 million and $70 million pre-tax and net of retrocession and reinstatement premiums.

These losses will be recorded in the company’s third quarter 2015 results, and recorded in PartnerRe’s global property and casualty, specialty, catastrophe, and North America sub-segments.

The company’s estimate of losses for these events is based on information received to date from the PartnerRe’s cedants, as well as analysis of the firm’s exposures, the company said.

PartnerRe said, however, that there is “considerable uncertainty” associated with any loss estimate and that the ultimate loss may differ materially from the current estimate.