Reinsurer has exposure to European and Canadian floods

Money, bank, calculator

PartnerRe has estimated that it faces a $95m to $120m bill for the cost of global flooding in June.

The cost is split into two parts: $50m to $60m for the cost of European floods last month; and $45m and $60m for the June flooding in Alberta, Canada.

The losses will be recorded in the firm’s second quarter results for 2013, to be released on 29 July. The losses are expected to hit PartnerRe’s catastrophe segment, as well as the firm’s other non-life segments.

The estimates are pre-tax and net of retrocession and reinstatement premiums