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UPDATE 1-PartnerRe raises Hurricane Ike claims estimate

Mon Dec 1, 2008 9:15am EST

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Dec 1 (Reuters) - Reinsurer PartnerRe Ltd (PRE.N) raised its estimate of claims from Hurricane Ike by 61 percent to about $305 million, pre-tax and after reinstatement premiums, as clients reported larger losses than initially notified.

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"We expect the impact of this increase on fourth-quarter results to be partially mitigated by the higher level of catastrophe-exposed premiums that we typically earn in the second half of the year," Chief Executive Patrick Thiele said in a statement.

Thiele said Hurricane Ike had proved to be more destructive to offshore energy installations.

Reinsurers provide backup coverage to other insurers, thereby spreading the risk of losses among more than one carrier.

Bermuda-based PartnerRe, which posted a better-than-expected third-quarter operating profit in October, said the results included $190 million of claims from hurricane Ike.

Shares of the company closed at $69.96 Friday on the New York Stock Exchange. They have fallen 15 percent so far this year. (Reporting by Anurag Kotoky in Bangalore; Editing by Vinu Pilakkott)

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