PartnerRe expects $25M to $45M claims from Gustav

Reinsurer PartnerRe Ltd. said Thursday it expects claims relating to its exposure to Hurricane Gustav will be between $25 million to $45 million, net of reinstatement premiums.

Bermuda-based PartnerRe said its loss estimate it based on the assessment of individual treaties as well as client data and is spread across the U.S., non-U.S. specialty and catastrophe segments.

Hurricane Gustav battered the Caribbean late last month and hit the U.S. on Sept. 1. Early insurance industry estimates put the expected damage to covered properties at anywhere from $2 billion to $10 billion.

A reinsurer is an insurance company that assumes the risk of another insurer under a reinsurance contract.

Shares of the company fell 91 cents to close at $70.76.