PartnerRe yesterday reported operating earnings of $311.2 million — a quarterly record for the firm of $5.70 a share — for the third quarter of the year.

Net premiums were up 15 percent (14 percent on a constant foreign exchange business) at $1.4 billion.

The firm had a book value of $105.53 per share for the third quarter, up 5.9 percent for the quarter and up 4.7 percent for the year to date.

PartnerRe president and chief executive Costas Miranthis said: “We had a very strong third quarter reflecting a low level of large loss activity and strong core performance for most of our businesses.”

He added that had culminated in a 74.9 percent combined ratio and a 22.6 percent operating return on equity.

And Mr Miranthis said: “For the year to date, we have recorded a 13 percent operating return on equity and an increase on 4.7 percent in book value per share.”

He added: “Against a backdrop of improved underlying primary pricing, reinsurance remains a competitive market.”

Net premiums written of $1.3 billion were up 21 percent in the third quarter — mostly due to new business in the North American sub-segment and to the inclusion of new acquisition Presidio in the US in the life and health segment, as well as to performance in global speciality sub-segments.