PartnerRe reports $108m loss – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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PartnerRe reports $108m loss

PartnerRe Ltd has reported an $108 million loss for the fourth quarter, compared with a loss of $32 million for the same period in 2018.

The loss includes net realised and unrealised investment losses of $50 million on fixed maturities and short-term investments, primarily due to increases in worldwide risk free rates, and $78 million net foreign exchange losses.

For the full year, the Bermudian-based reinsurer made a profit of $890 million, which compared to a loss of $132 million for 2018.

Emmanuel Clarke, PartnerRe's chief executive officer said: “In the fourth quarter of 2019, our non-life combined ratio was impacted by losses related to Typhoon Hagibis and in the agriculture line of business, whose impact on book value has been mitigated by strong investment performance.

“Notwithstanding challenging non-life performance in the fourth quarter, the company reported solid net income to common shareholder in 2019, driven by investments results and contribution from our life and health segment.”

He added: “PartnerRe has taken actions to improve its non-life underwriting performance in 2020, leveraging improved non-life market conditions at the January renewal and ongoing portfolio optimisation actions.

“With further margin improvement expected in our non-life portfolio during the course of the year, and continued growth in life and health, I am confident we will be able to deliver in 2020 solid growth in book value for our shareholder.”

PartnerRe's non-life combined ratio was 113.8 per cent for the quarter, and 100.3 per cent for the year.

Earnings news: PartnerRe's made a loss in the fourth quarter, but recorded a profit for the year of $890 million (Photograph by Akil Simmons)

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Published March 03, 2020 at 8:00 am (Updated March 03, 2020 at 8:03 am)

PartnerRe reports $108m loss

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