PartnerRe Ltd. may face more than $300 million in claims emanating from the earthquake that caused billions of dollars worth of damage in Chile and tens of millions more from a European windstorm.

The company's shares fell 2.2 percent to $77.43 yesterday, after the release of the statement late on Monday.

In a preliminary estimate, the Bermuda-based reinsurer said total insuarance industry losses are likely to be in the range of $6 billion to $10 billion. On that basis, it added, PartnerRe's share of the claims would be between $220 million and $320 million.

The disaster devastated areas of central Chile and, in particular, the city of Concepcíon on February 27. PartnerRe said its exposure was primarily through the Global Property and Casualty, Catastrophe and Paris Re sub-segments.

The company stressed the estimate is preliminary, as there is limited actual loss data and said it would announce updates as more information became available.

European windstorm Xynthia, which struck Europe over the weekend of February 27 and 28, is estimated to have caused industry losses in the range of $2 billion to $4 billion, having swept across several European countries including Portugal, Spain, France, Belgium, the Netherlands, Luxembourg, and Germany.

PartnerRe expects claims relating to the storm at between $40 million and $70 million and are expected to be contained primarily within its Catastrophe and Paris Re sub-segments.

The estimated losses are net of reinstatement premium and retrocession.

PartnerRe made more than $1.5 billion in net income last year, helped by a lack of catastrophes and rising asset values. The company ended the year with total capital of $8 billion.

Another Bermuda company, Lancashire Holdings Ltd. said last week that it had exposures to risks in Chile in onshore energy and property lines of business. Lancashire said an estimates of its losses relating to the earthquake would be premature.