PartnerRe reports $191m loss for quarter
Reinsurance firm PartnerRe has reported a net loss of $191 million for the last quarter of 2016.
The figure compares to a $162 million net income for the same period last year.
Operating earnings for the period totalled $125 million, compared to $184 million for the fourth quarter of 2015.
Net income for the full year was $387 million. The figure for 2015 was $48 million. The company said that was largely due to net realised and unrealised gains of on investments in 2016 of $26 million compared to losses of $297 million in 2015.
The firm was acquired by Italian investment giant Exor in March last year, and PartnerRe shares are no longer traded on the New York Stock Exchange.
One-time expenses of $105 million were incurred in the fourth quarter of 2016, which included transaction and severance-related costs associated with the company's reorganisation.
Emmanuel Clarke, PartnerRe president and CEO, said: “We delivered good operating results in the fourth quarter with an annualised adjusted operating return on equity of 9.8 per cent.”
He added that the firm had a non-life combined ratio of 89.6 per cent, despite losses from Hurricane Matthew, underlined “our underwriting discipline while favourable prior year development continues to remain strong.”
Mr Clarke said: “In the current market conditions, we are undertaking the right underwriting actions to better serve our core clients while preserving our long-term capital strength.”