Premium soars 19% at PartnerRe
Bermuda reinsurer PartnerRe Ltd. has reported fourth-quarter 2021 net income of $362 million, compared with $204 million for the same period for 2020.
For the full year, net income was $679 million, compared with income of $206 million for 2020.
PartnerRe president and chief executive officer Jacques Bonneau said: “In an active year of catastrophic losses for the industry, we were able to achieve strong performance in 2021.
“We grew gross written premiums by 19 per cent, driven by meaningful rate increases in lines like casualty and professional lines, and we also benefited from improved economic activity in other lines of business.
“Our non-life combined ratio improved by 15.5 points to 90.5 per cent driven by our continuous focus on portfolio optimisation.
“We built on the momentum we've established with a successful January 1, 2022 renewal, providing solutions to our business partners while maintaining the strength and stability of our platform.
“Our approach remains disciplined, supported by third-party capital, and we will grow exposures in lines where it is supported by rate.
“We look forward to the year ahead and to further increasing the value that we provide to all of our clients, capital partners and shareholders."
In December, EXOR Nederland N.V. and Covéa Coopérations S.A. (Covéa) announced the definitive agreement for the sale of PartnerRe to Covéa, subject to required approvals, with an expected completion in mid-2022