PartnerRe, a Bermuda-based property-casualty reinsurer, said $900 million in catastrophe losses last year wiped out its earnings for the year. The company, which sells reinsurance policies worldwide, said hurricanes Katrina, Rita and Wilma and European flooding and storm Erwin cost it 500 percent more than its losses in 2004, when hurricane activity cost it $175 million, after reinstatement premiums.

PartnerRe?s net loss in the fourth quarter was $33.6 million, or a loss to shareholders of 76 cents a share. And the company said its quarterly loss after any realised gains or losses was $79.3 million, or a loss of $1.42 a share. Analysts had predicted PartnerRe would report a loss of $1.81 a share, according to Bloomberg data. And for the year, PartnerRe?s loss after adjustment for realised gains or losses was $242.6 million, or a loss of $4.42 a share. This was better than analyst predictions of a loss of $4.84 a share.

President and chief executive Patrick Thiele said insurers could pay out up to $80 billion for 2005 catastrophe activity, making it the worst year on record since the industry started tracking losses.

PartnerRe said its $900 million loss was based on the following estimates: Hurricane Katrina: $511 million; Hurricane Wilma: $174 million; Hurricane Rita: $88 million; European winter storm Erwin: $61 million; and the European floods: $66 million. ?These events in total represent a very unusual frequency and severity, but not so unusual that they were outside of our modelled risk exposures nor our pricing,? Mr. Thiele said in the company?s earnings statement, which was released after the close of normal market trading. PartnerRe shares yesterday gained six cents, moving up to $61.25 in composite trading on the NYSE.