PartnerRe Ltd has reported a third quarter net loss of $243.3 million, or $5.08 per share.

Its results were hit hard by the paying of a termination fee and reimbursement of expenses to Axis Capital, in relation to the failed merger deal with the Bermuda reinsurer.

PartnerRe also incurred $60 million of insured losses as a result of the Tianjin explosion in China, together with realised and unrealised investment losses of $121.8 million.

Interim chief executive officer, David Zwiener, said: “Our results this quarter reflect a number of factors, most notably the amalgamation termination fee paid to Axis Capital, and continued difficult financial and investment markets, both of which had a negative impact on our book value.

“Despite the noise, and the impact of the Chinese Tianjin loss in August, our underlying results remain strong.

“All in, we posted a 1.4 point improvement in our non-life combined ratio to 82.8 per cent when compared to the third quarter of 2014.”

He said the company’s life and health portfolio remained strong and its operating return on equity for the quarter was 14 per cent.

Italian investment company Exor agreed in August to buy PartnerRe in a $6.9 billion deal. As a result, Partner Re was obliged to pay $315 million to Axis Capital, with whom it had made an earlier amalgamation agreement. That payment covered an agreed termination fee and reimbursement of expenses incurred by Axis.

ParternRe’s net premiums written were $1.2 billion for the quarter, down 11 per cent. The book value of $120.67 per share was down 5.2 per cent for the quarter.

Emmanuel Clarke, PartnerRe’s president, said: “As we look ahead to the important January renewal season, which accounts for more than 60 per cent of our non-life treaty premium, reinsurance markets remain competitive across the board.

“In addition, M&A activity is continuing to be a distraction for some market participants.

“At PartnerRe, however, we continue to distinguish ourselves with our clients as a stable and focused partner with long-term financial flexibility, and a proven track record of reliability.”

The company announced a quarterly dividend of 70 cents per common share.