PartnerRe has reported initial loss estimates of between $50m and $70m in relation to recent tornado activity in the US.
The Bermuda-based reinsurer said the net loss for this event, which will be recorded in the reinsurer’s second quarter 2011 results, will primarily impact the company’s catastrophe, North America, and global (Non-U.S.) specialty sub-segments.
During the last week of April 2011 a large and violent tornado outbreak - among the largest in U.S. history - occurred, causing hundreds of deaths and severe destruction to large areas of southern, midwestern and northeastern United States.
The worst hit area was the state of Alabama, particularly the city of Tuscaloosa.
Loss estimates are pre-tax, net of retrocession and reinstatement premiums, and relate to all reinsurance contracts and insurance-linked securities expected to be impacted by these events.