Storm losses drive PartnerRe to $106m loss
Claims relating to major storms drove PartnerRe Ltd to a net loss of $106 million for the third quarter.
The Bermudian reinsurer said it had racked up $120 million in pre-tax losses from typhoons Jebi and Trami and Hurricane Florence.
The net loss compared to a net loss of $84 million for the same period of 2017.
The quarter also brought net unrealised investment losses on fixed-income securities of $53 million and net foreign exchange losses of $17 million.
Net loss attributable to common shareholders for the first nine months of 2018 was $101 million, which includes net unrealised investment losses on fixed-income securities of $358 million and net foreign exchange gains of $53 million.
Emmanuel Clarke, PartnerRe’s chief executive officer, said: “The third quarter of 2018 was an active period of catastrophic and man-made loss events which impacted the company’s non-life combined ratio.
“Despite these events, in the first nine months of 2018, the company’s non-life segment reported an underwriting profit, while our life and health segment significantly improved its underwriting profit and margin compared to the prior year.
“This performance — excluding the net unrealised losses primarily driven by increases in risk-free rates — has helped produce a solid profitability in the first nine months of 2018.”
PartnerRe’s non-life combined ratio was 107.8 per cent for the quarter, driven by property and casualty combined ratio of 114.7 per cent and specialty combined ratio of 97.4 per cent.
The unrealised investment losses on fixed income securities in 2018 were driven by an increase in “risk-free” interest rates and credit spreads as the company’s fixed income securities are accounted for at fair value.
Mr Clarke added: “Our enhanced market positions with clients and brokers led to a double-digit increase in net premium written compared to the last year.
“This, coupled with our strong total capital position, positions our company well for the upcoming January renewal season.”
Anger at government silence in town meeting
Judge: claim against law firm can proceed
Somerset must take ‘stern action’
Cookie company is sweet success for teenager
Correctional and spiritual guidance
Davy guilty of heroin smuggling
End of an era as Bluck’s closes its doors
A response to the Premier: stop it!
Wyer suffers racist abuse from Trojans fans
Blakeney leaves gaming commission
Social media helps identify avocado thief
Planned developments to add 240 rooms
Sentence extended for gas station theft
Take Our Poll
- "Your new year's resolutions for 2019"
- Quit smoking
- Quit drinking/drink in moderation
- Do not drink and drive
- Lose weight
- Stop procrastinating
- Drive with greater care
- Total Votes: 2607
- Poll Archive