Reinsurance News
PartnerRe
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
EXOR and Covéa sign MoU for $9bn sale of reinsurer PartnerRe
29th October 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have entered into a Memorandum of Understanding (MoU) under which Covéa would acquire global reinsurer PartnerRe for $9 billion (€7.7 billion). We wrote last week that discussions between EXOR and Covéa had reportedly resumed over ... Read the full article
EXOR & Covéa reported in talks over PartnerRe sale again
24th October 2021
According to reports, EXOR, the Agnelli family owned investment and holding company, is back at the negotiating table with French insurance group Covéa over the possible sale of reinsurance firm PartnerRe. Discussions between EXOR and Covéa are reported to have resumed in recent weeks, with Italian business newspaper Il Sole 24 ... Read the full article
PartnerRe hits improved Q2 net income of $314mn
27th July 2021
Global reinsurer PartnerRe has reported a second quarter net income of $314 million, up from the $229 million achieved in the prior year period. For the half year 2021, a $204 million net income has been announced, after registering a loss in the same period of 2020. Operating income was $151 million ... Read the full article
PartnerRe names Shanahan as CEO of NA Life business
11th June 2021
Bermuda domiciled reinsurer PartnerRe has announced the appointment of Chris Shanahan as Chief Executive Officer (CEO) of its North American Life business. Shanahan, currently President of US Life, will succeed outgoing CEO Alan Ryder, who is set to retire at the end of August this year. Having joined PartnerRe in May 2018, ... Read the full article
PartnerRe names Gallego as Head of Capabilities Development L&H
3rd June 2021
Bermuda domiciled reinsurer PartnerRe has appointed Pascale Gallego as Head of Capabilities Development for Life & Health. Gallego has worked at PartnerRe for just under 18 years. Prior to this transition Gallego worked as Deputy CEO of Europe, Middle East, Latin America, having previously worked as Head of Life Reinsurance France, Southern ... Read the full article
PartnerRe appoints new life & health leader for Aus/NZ
1st June 2021
Bermuda domiciled reinsurer PartnerRe has appointed Garry Xue as head of Australia/New Zealand. He will be based in Hong Kong and will report to CEO life & health Asia Pacific John Mok. In his new position, Xue will oversee the further development and growth of PartnerRe’s life & health business in Australia/New ... Read the full article
PartnerRe adds Horta – Osório to Board
27th May 2021
Bermuda domiciled reinsurer PartnerRe has announced the appointment of António Horta – Osório to its Board of Directors as an Independent Director. Effective May 27th, Horta - Osório will join PartnerRe’s Board and and also become Chairman of the Investment Committee and a member of the Underwriting and Risk Committee. He is ... Read the full article
PartnerRe’s non-life combined ratio improves despite Uri losses
12th May 2021
Bermuda domiciled reinsurer PartnerRe has reported a non-life underwriting profit of $40 million and a combined ratio of 96.7% for the first quarter of 2021, despite $104 million of net losses from Winter Storm Uri. The non-life underwriting performance represents a marked improvement from the loss of $46 million and combined ... Read the full article
PartnerRe adds Swiss Re’s Fiona Mitchell as account exec
11th May 2021
Partner Re has announced the appointment of Fiona Mitchell as an account executive within its Global Clients and Brokers unit. Mitchell is an experienced senior reinsurance professional with 13 years of expertise in areas including client relationship management, negotiation, project management, treaty structuring and placement. She joins from global reinsurer Swiss Re, ... Read the full article
PartnerRe’s 2020 performance validates decision to retain company, says Exor
6th April 2021
In its most recent annual letter to shareholders, Agnelli family owned holding company Exor has said that its decision not to sell PartnerRe last year was validated by the reinsurer's earnings and balance sheet resilience. In March 2020, Exor and Covéa entered into a Memorandum of Understanding (MoU) under which Read the full article
NA reinsurers report deterioration in underwriting results: Fitch
1st April 2021
All North American reinsurers analysed by Fitch Ratings have reported deterioration in underwriting results, leading to underwriting losses. The overall segment reported a combined ratio of 105.4% in 2020, up nearly 9 percentage points from the prior year, with COVID-19 losses as the primary difference. The losses added 7.4 percentage points to ... Read the full article
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