PartnerRe (NYSE:PRE) Earthquake Losses More Than Expected

PartnerRe (NYSE:PRE) had their EPS estimates lowered on them by Barclays (NYSE:BCS), citing losses from the earthquake as higher than expected.

Barclays noted, "PartnerRe increased its estimated loss from the 3Q10 New Zealand earthquake to $140 mn-$160 mn from $64 mn based a review of recent information received from several cedants, which reflects the higher than expected number of new claims filed in November and December and engineering reports regarding the extent of land damage. PRE estimates industry insured losses from the New Zealand earthquake are $4.5 bn-$5.0 bn...As a result, we are lowering our 2010 EPS estimate for PRE to $7.20 from $7.77 to reflect the New Zealand earthquake loss provision partially offset by our existing 4Q10 catastrophe load."

Barclays reiterates an "Overweight" on PartnerRe, which closed Wednesday at $77.87, down $1.57, or 1.98 percent. They have a price target on them of $90.