PartnerRe Weathers Hurricane Fabian

Bermuda-based PartnerRe Ltd. has issued a bulletin giving details on the impact of Hurricane Fabian, a Category 3 storm which hit the island on Friday, Sept. 5, 2003, with winds in excess of 140 mph (225 kmh), causing an estimated $350 million in damages. (See IJ Web site Sept. 8)

“Hurricane Fabian was the worst storm to hit Bermuda directly since 1926,” said the bulletin. “It caused loss of life, widespread and significant property damage, and power outages across the Island.” PartnerRe indicated, however, that none of its employees had been injured, and that its headquarters were undamaged.

“This was a very powerful storm and a frightening experience for most people in Bermuda,” commented President & CEO Patrick Thiele. “It caused widespread damage to many parts of the Island. It is a testament to the strength and resolve of the Bermuda people that most of the Island, including PartnerRe offices, was back up and running on Monday morning. It also speaks to the very solid infrastructure that Bermudians have built that total damage was less than might be expected from a storm of this magnitude.”

The bulletin noted that “PartnerRe is one of the leading reinsurance companies providing support to the local Bermuda insurance market primarily through proportional property programs and two small catastrophe treaties. The Company expects only modest claims relating to Hurricane Fabian. Given information currently available, PartnerRe expects claims from Hurricane Fabian will be less than $18 million, and that these claims will not have a material impact on the Company’s results.”