Reinsurer PartnerRe Ltd said estimated insured losses from the explosion of the Deepwater Horizon Drilling Platform in the Gulf of Mexico have the potential to exceed $1 billion.

The company expects its second-quarter results to be hurt by claims in the range of $60 million to $70 million.

The ultimate insured loss for this event is unclear given the multiple parties involved and the on-going situation regarding control of the oil spill, the company said in a statement.

The claims are expected to be contained within the Global Specialty and PARIS RE sub-segments, the company added.

The explosion, which occurred on April 20, caused the platform to sink about 50 miles southeast of Venice, Louisiana in the Macondo Prospect area of the Gulf of Mexico.

PartnerRe shares closed at $78.69 Thursday on the New York Stock Exchange.

(Reporting by Archana Shankar in Bangalore; Editing by Gopakumar Warrier)