Bermuda-based PartnerRe has declared large catastrophe losses. Net of retrocession and reinstatement premiums were $297 million for the third quarter of 2021, and $417 million for the first nine months of the year.

Loss estimates for winter storm Uri were unchanged during the quarter at $120 million (P&C segment: $92 million, specialty segment: $28 million).

During the third quarter, losses for Hurricane Ida were $188 million (P&C segment: $172 million, specialty segment: $16 million) and losses for the European floods totalled $60 million and were included in the P&C segment.

Losses on aggregate covers associated with these events within the P&C segment also contributed to total large catastrophic losses during the third quarter of 2021.

PartnerRe Ltd reported net income available to common shareholders of $70 million for the third quarter of 2021, compared with income of $206 million for the same period of 2020.

Net income available to common shareholders was $317 million for the first nine months of 2021, compared with income of $2 million for the same period of 2020.

Operating income was $54 million for the third quarter of 2021, compared with operating income of $18 million for the same period of 2020.

Operating income for the first nine months of 2021 was $246 million, compared with an operating loss of $209 million for the same period of 2020.

Operating income for the third quarter and first nine months of 2021 improved over the same periods of 2020 as a result of improvements in current accident year attritional-loss ratios.

PartnerRe president and chief executive officer Jacques Bonneau said: “Despite an active quarter for catastrophic activity, we delivered positive operating income during the third quarter of 2021, demonstrating the continued positive financial impacts of our portfolio optimisation, especially on the current accident year attritional loss ratio.

“With a profitable underwriting result across all of our segments for the first nine months of 2021, and the strength of our capital and liquidity positions, we are well positioned for the renewal season.

“As we look forward to 2022, our strong capital base along with over $1 billion in third party capital assets under management leaves us poised to remain a valuable, responsive reinsurance partner.”

On October 28, EXOR Nederland N.V. and Covéa Coopérations S.A. announced that they entered into a memorandum of understanding under which, after completion of Covéa’s required consultation with works councils in France, the parties would enter into a definitive agreement for Covéa to acquire PartnerRe.

The Covéa acquisition is subject to customary closing conditions, including antitrust, regulatory and other approvals.