Reinsurance News

PartnerRe

PartnerRe names Abina Kealy CFO as Nick Burnet departs

7th September 2022

Bermuda-based PartnerRe has announced the appointment of Abina Kealy as its new Chief Financial Officer (CFO) and member of the firm's Executive Leadership team, effective September 6th, 2022. Previously, Kealy served as the reinsurer's Chief Accounting Officer. She takes over as CFO from Nick Burnet, who is leaving the company to ... Read the full article

PartnerRe names Nicolas Georgy P&C EMEA, Chief Underwriting Officer

1st September 2022

International reinsurer, PartnerRe, has appointed Nicolas Georgy as Chief Underwriting Officer - Property, in the P&C Europe, the Middle East and Africa (EMEA) department. Georgy started his reinsurance career at PartnerRe, he joined the company for the first time in 2001 as a junior underwriter in the Catastrophe department. In 2006 ... Read the full article

PartnerRe falls to net loss as investment result offsets improved underwriting in 1H22

4th August 2022

Bermuda-based reinsurer PartnerRe has reported a loss of more than $1.1 billion for the first half of 2022, driven by unrealised losses on fixed maturities as a result of rising interest rates, while the firm's underwriting performance improved year-on-year. The reinsurer's H1 net loss includes a loss of $606 million in ... Read the full article

Fitch upgrades PartnerRe following acquisition by Covea

21st July 2022

Fitch Ratings has upgraded PartnerRe’s Issuer Default Rating (IDR) to 'A' from 'A-' and senior unsecured debt ratings to 'A-' from 'BBB+'. Fitch has also upgraded the Insurer Financial Strength (IFS) rating of Partner Reinsurance Company, the company's principal reinsurance operating subsidiary, to 'AA-' (Very Strong) from 'A+' (Strong), ... Read the full article

PartnerRe acquisition could improve Covéa business profile: AM Best

18th July 2022

Analysts at AM Best have reported that the recent acquisition of PartnerRe could lead to an improvement in Covéa’s business profile by significantly diversifying its offerings on a product and geographic basis. The rating agency stated that its financial strength ratings for Covéa remain unchanged following the announcement last week ... Read the full article

Covéa CEO Thierry Derez named new Chairman of PartnerRe

14th July 2022

Following the acquisition of Bermuda-based PartnerRe by French mutual insurer Covéa, which completed yesterday, the reinsurer has announced a number of changes to its Board of Directors. This includes the appointment of Thierry Derez, Chief Executive Officer (CEO) of Covéa, as Chairman of the Board, replacing Brian Dowd, who will ... Read the full article

Covéa completes deal to purchase PartnerRe from EXOR

13th July 2022

French mutual insurer Covéa has completed the acquisition of global reinsurer PartnerRe from EXOR, the Agnelli family owned investment and holding company, for a total cash consideration of $9.3 billion (€8.6bn). After signing a Memorandum of Understanding (MoU) in October 2021, after an initial deal was terminated in May ... Read the full article

PartnerRe hires Ruparelia as Chief Actuarial and Risk Officer

17th June 2022

Bermuda-based PartnerRe has appointed Sima Ruparelia as Chief Actuarial and Risk Officer. She will join the reinsurer on June 27, 2022. Within this role, Ruparelia will be based in London, and will report to PartnerRe’s President and Chief Executive Officer (CEO) Jacques Bonneau, as a member of the Company’s Executive Leadership Team. As ... Read the full article

Appetite for underwriting property cat reinsurance business tightening

1st June 2022

Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article

PartnerRe falls to net loss on investments, but non-life underwriting improves

20th May 2022

Bermuda-based PartnerRe has reported an improvement in non-life underwriting for the first-quarter of 2022, although unrealised losses on the back of increases in interest rates has resulted in a net loss of $539 million. The net loss reported by PartnerRe represents a deterioration from the $66 million loss announced in Q1 ... Read the full article

European Commission clears path for Covéa to acquire PartnerRe

19th April 2022

The European Commission has cleared the way for Covéa to acquire PartnerRe. The deal, which has been valued at $9bn, has been in the works since last year. Back in October, EXOR and Covéa signed a memorandum of understanding that the former would sell the reinsurer in its entirety to ... Read the full article

Exor bumps up price of PartnerRe by €328m

25th March 2022

Exor has increased the sales price for PartnerRe by €328m. Last year, the firm made a deal with Covéa to sell PartnerRe for $9bn. However, Exor said, in announcing its board of directors approving its 2021 figures, that the price had risen. Exor wrote: “The agreed cash consideration of $9.0bn to ... Read the full article

PartnerRe reports non-life underwriting profit of $507mn for 2021

3rd March 2022

Bermuda domiciled reinsurer PartnerRe reported a non-life underwriting profit of $507 million for 2021, which was reflected in its improved combined ratio of 90.5% compared to a combined ratio of 106.0% for the fourth quarter and full year of 2020. Large catastrophic losses totalled $66 million for the fourth quarter of ... Read the full article

Net premiums rise for reinsurers in Bermuda

20th January 2022

The net premiums written for a group of eight reinsurers based in Bermuda rose by 18.1% through 9m21. The figure was supplied by Fitch in one of its latest reports. The company suggested that the growth was driven by rate increases, plus growth in casualty and specialty writings. Among the eight reinsurers—Arch ... Read the full article

AM Best positive on Covéa’s acquisition of PartnerRe

23rd December 2021

Rating agency AM Best has given an optimistic view on the acquisition of reinsurance company PartnerRe by French mutual insurance group Covéa, saying the diversification is positive for Covéa, while PartnerRe will benefit from increased scale and capital strength. Just last week, EXOR, the Agnelli family owned investment and holding ... Read the full article