Reinsurance News

PartnerRe secures Q3 net income of $70mn despite sizeable cat hit

9th November 2021 - Author: Charlie Wood

PartnerRe has reported a common shareholder net income for the third quarter of $70 million, having hit $206 million income during the same period in 2020.

PartnerReConcurrently, net income available to common shareholders was $317 million for the first nine months of 2021, compared to $2 million in 2020.

Large catastrophe losses were $297 million for the quarter and $417 million in 9M, the latter of which included impacts from Winter Storm Uri, Hurricane Ida, European Floods and losses on related aggregate covers.

The reinsurer’s P&C segment reported a combined ratio of 105.9% for the third quarter, up slightly from 105.1%.

Operating income for the group was $54 million, up from $18 million, while 9M saw the firm secure $246 million income after falling to a $209 million loss in the prior year period.

Operating income improvements are said to have been a a result of improvements in current accident year attritional loss ratios.

“Despite an active quarter for catastrophic activity, we delivered positive operating income during the third quarter of 2021, demonstrating the continued positive financial impacts of our portfolio optimization, especially on the current accident year attritional loss ratio,” said PartnerRe President and Chief Executive Officer Jacques Bonneau.

“With a profitable underwriting result across all of our segments for the first nine months of 2021, and the strength of our capital and liquidity positions, we are well positioned for the renewal season.

“As we look forward to 2022, our strong capital base along with over $1 billion in third party capital assets under management leaves us poised to remain a valuable, responsive reinsurance partner.”

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