PartnerRe Tianjin losses estimated between $50-70m

Bermuda-based reinsurer PartnerRe has estimated it lost $50-70 million in pre-tax and net of retrocession and reinstatement premiums from the explosion in Tianjin, China in August this year.

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

The estimate is based on analysis of the company’s exposures, as well as information received to date from the firm’s cedants.

PartnerRe has said that there is uncertainty associated with any loss estimate and that the final loss figure may differ from the current estimate.