Reinsurance News
PartnerRe
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
Covéa’s $9bn acquisition of PartnerRe from Exor progresses
17th December 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have now signed a definitive agreement for the sale of reinsurer PartnerRe to Covéa for $9 billion. It was announced in late October that renewed talks between the parties had led to a Memorandum of ... Read the full article
MS Amlin names PartnerRe’s Jörg Bruniecki CUO, EMEA
30th November 2021
Global reinsurer MS Amlin AG has appointed Jörg Bruniecki as Chief Underwriting Officer for Europe, the Middle East and Africa (EMEA), a Zurich-based role. Effective 2022 Bruniecki will report to Charles Goldie, CUO of the wider MS Amlin AG group With over 24 years’ experience across a range of executive leadership positions, ... Read the full article
PartnerRe secures Q3 net income of $70mn despite sizeable cat hit
9th November 2021
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. Concurrently, 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 ... Read the full article