Bermuda-based reinsurer PartnerRe yesterday raised its estimate of claims from Hurricane Ike, as the company's boss said it would likely prove to be the third costliest hurricane in history for the industry.

Adding $115 million, or 61 percent, to its original estimate, PartnerRe said it believed the storm would now cost the company $305 million.

"We believe Ike is ultimately the third most costly insured hurricane in history," PartnerRe chief executive officer Patrick Thiele said.

"It has proved to be more destructive to offshore energy installations and had a much larger and more damaging footprint on land than was originally estimated.

"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."

Ike roared through the Gulf of Mexico last September and smashed into Galveston and its path of destruction continued inland. Estimates of total insured losses related to the storm range between $10 billion and $20 billion.

Bermuda's insurance and reinsurance companies have already announced combined losses of more than $3 billion from hurricanes Ike and Gustav.