August 22, 2007 by Canadian Underwriter
PartnerRe Ltd. (NYSE: PRE) has announced that Partner Reinsurance Europe Limited, a wholly-owned subsidiary of PartnerRe Ltd., based in Dublin, Ireland, will, from Jan.1, 2008, be the principal reinsurance carrier for PartnerRe’s business underwritten in France, Ireland, Switzerland and Canada.
Under the new European Union Reinsurance Directive, Partner Reinsurance Europe will be able to operate in all EU member states under a single regulatory framework, the company announced in a press release. PartnerRe’s clients will continue to benefit from the company’s financial strength, underwriting capabilities, and business unit structure.
Partner Reinsurance Europe Limited, to be capitalized in excess of $1 billion, has received provisional ratings in line with those of the rest of PartnerRe’s operating subsidiaries: A+ from A.M. Best and AA- from Standard & Poor’s.
June 2007 tornadoes in Manitoba cost insurers about Cdn$17.5 million, according to the Insurance Bureau of Canada.
At least eight tornadoes, some packing winds in excess of 400 km-h, touched down in Southern Manitoba on June 23-24, destroying homes, farms and blowing a number of vehicles. No serious injuries were reported.
The IBC said its Cdn$17.5-million figure is pro-rated, based on figures received from about 75% of the marketplace affected by the event, said Jim Rivait, IBC vice-president, Prairies, Northwest Territories and Nunavut.