PartnerRe Ltd. said yesterday it estimated it will receive claims for Hurricane Ike between $175 million and $210 million on a pre-tax basis, net of reinstatement premiums.

PartnerRe said its own "loss estimate is based on the assessment of individual treaties as well as client data and is predominantly concentrated in the Catastrophe sub-segment, with additional losses expected in the US and Global (non-US.) Specialty sub-segments and the Insurance Linked Securities (ILS) unit. This loss estimate will be refined as additional information is received from clients."

The company also said it had "revised down its estimate of claims relating to its exposure to Hurricane Gustav to $10-$20 million on a pre-tax basis, net of reinstatement premiums, from its original estimate of $25-$45 million.

"The reduction in estimate is primarily concentrated in the catastrophe sub-segment."

Partner Re chief executive officer Patrick Thiele said payment of claims would be partially offset by the higher premiums the company typically receives in the third quarter of the year.

¦ Max Capital estimates its share of claims for hurricanes Gustav and Ike will range from about $35 million to $50 million, net of reinstatement provisions.

W. Marston Becker, the chairman and chief executive officer of Max Capital, said in a statement the projected claims from the hurricanes are within expectations.

Becker said the recent market events give "diversified companies like ours more reason for underwriting optimism in the coming months".

¦ Swiss Reinsurance Co., the second- biggest reinsurer, said it expects the insured claims of hurricanes Ike and Gustav to cost about $300 million.

The damage from hurricane Ike will cost the Zurich-based reinsurer a net $250 million and hurricane Gustav an additional $50 million, the company said.