emmanuel-clarke_partnerre
Emmanuel Clarke, president and CEO, PartnerRe
15 November 2018Insurance

PartnerRe posts Q3 loss but enjoys solid growth

PartnerRe’s third quarter results were hit hard by losses from Typhoons Jebi and Trami and Hurricane Florence as well as losses on its investment portfolio though its CEO was upbeat as its non-life unit reported an underwriting profit in the first nine months of the year.

The reinsurer made a net loss of $106 million in the third quarter, which included net unrealized investment losses on fixed income securities of $53 million and net foreign exchange losses of $17 million. This compared to a net loss of $84 million for the same period of 2017, which included net unrealized investment losses on fixed income securities of $27 million and net foreign exchange losses of $41 million.

The quarter also included $120 million pre-tax losses from Typhoons Jebi and Trami and Hurricane Florence. It posted a non-life combined ratio of 107.8 percent during the quarter, driven by P&C combined ratio of 114.7 percent and specialty combined ratio of 97.4 percent.

Its gross written premiums for the third quarter of 2018 increased to $1.5 billion compared with $1.38 billion a year earlier. It said its non-life net premiums written were up 7 percent for the quarter driven by new business written in the P&C segment, partially offset by lower reinstatement premiums.

Non-life net premiums written were up 13 percent for the first nine months of 2018 compared to the same period of 2017 driven by a 15 percent increase in the P&C segment and 11 percent increase in the specialty segment.

For the first nine months, the non-life underwriting profit was $20 million (combined ratio of 99.4 percent) compared to a $21 million loss (combined ratio of 100.7 percent) for the same period of 2017.

Emmanuel Clarke, chief executive officer, said: “The third quarter of 2018 was an active period of catastrophic and man-made loss events which impacted the Company's Non-life combined ratio. Despite these events, in the first nine months of 2018, the Company's Non-life segment reported an underwriting profit, while our Life and Health segment significantly improved its underwriting profit and margin compared to the prior year. This performance — excluding the net unrealized losses primarily driven by increases in risk free rates — has helped produce a solid profitability in the first nine months of 2018.

"Our enhanced market positions with clients and brokers led to a double digit increase in net premium written compared to the last year. This, coupled with our strong total capital position, positions our Company well for the upcoming January renewal season."

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More on this story

Insurance
22 February 2019   Bermuda-based reinsurer PartnerRe has reported losses in both its fourth quarter 2018 and full year results but its CEO Emmanuel Clarke is confident that the company will be able to deliver "solid returns" to its shareholder in 2019.
Insurance
30 October 2018   PartnerRe wants to become a top five global reinsurer by doing what it does best—being a pure-play reinsurer and working closely with clients, Richard Sanford, president of PartnerRe, told PCI Today.
News
10 September 2018   PartnerRe is positive about the general outlook of the reinsurance market as it currently stands, according to president and CEO Emmanuel Clarke.