PartnerRe estimates damages up to $35 million from Australian floods

PartnerRe Ltd. estimates its losses stemming from the December 2010 Australian floods to be between $25 and $35 million, pre-tax.
Losses are expected to be contained within the company’s catastrophe, global (non-U.S.) property and casualty and global (non-U.S.) specialty sub-segments.
Also, as a result of the “significant number of losses that occurred in Australia and New Zealand during 2010,” PartnerRe expects an aggregate cover it wrote will incur a pre-tax charge of $45 million,. This charge will also be reflected in its 2010 Q4 results, a release says.
Large areas of Australia continue to experience flooding and the reinsurer expects these floods will affect 2011 Q1 results, but as of press time does not have an estimate for insured losses.