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PartnerRe projects pretax cat losses of $475M in Q3 from hurricanes

PartnerRe Ltd. said it expects to book pretax catastrophe losses of about $475 million, net of retrocession and reinstatement premiums, from its exposure to hurricanes Harvey, Irma and Maria for the third quarter.

Overall, the company expects to report a pretax loss in the range of $60 million to $90 million, due in part to its exposure to hurricanes, according to a presentation. PartnerRe continued to witness favorable prior reserve development in the non-life business, while its health segment suffered a mid-size loss and saw loss adjustment.

For the full year, the insurance company projects net income of $220 million to $300 million.