PartnerRe names new president and CEO; reports net loss for H1 2020

PartnerRe has named Jacques Bonneau as its president and chief executive officer, replacing Emmanuel Clarke, who is leaving the company by mutual agreement to pursue other opportunities.

Bonneau, who is based in Bermuda, has been a member of the PartnerRe board of directors since February 2019, having served on the company’s audit committee and as the chairman of its underwriting and risk committee. He was formerly chief executive of Ace/Chubb Tempest Re Group, and has also served as Chubb’s group chief underwriting officer.

The reinsurer has also reported net profit of $229 million for Q2 2020, having made a net profit of $285 million in the same period of 2019. For the first half of the year it made a net loss of $204 million, compared to a profit of $782 million in the same period of 2019.

The non-life business made an underwriting loss of $260 million in Q2, and reported a combined ratio of 121.3 percent. The life and health business saw an underwriting profit of $5 million.

PartnerRe said it had incurred $338 million of pre-tax losses, net of retrocession and reinstatement premiums, as a direct result of COVID-19 and the related effects of the economic downturn in the first half of 2020.

It said the losses reflected its estimates on claims incurred as of June 30, 2020, with substantially all of the losses classified as incurred but not reported reserves. These included estimated pre tax losses of $159 million, $164 million and $15 million, respectively, net of retrocession and reinstatement premiums, attributable to its P&C, specialty and life and health segments.

The losses are attributable to business interruption and event cancellation related coverages, credit exposures in financial risks lines, and life and health business, PartnerRe said.

Referring to the new appointment, Brian Dowd, independent chairman of the PartnerRe board of directors, highlighted Bonneau’s 40 years of experience, his strong track record in reinsurance underwriting and his deep knowledge of the company’s clients and brokers.

He also thanked Clarke for his four years of service leading the company, describing him as “a very dedicated and strong leader.”
Dowd said: “Under [Clarke’s] leadership, PartnerRe has been able to smoothly transition under EXOR ownership and the company’s business and strategic positioning have been strengthened in important ways.”

Bonneau praised PartnerRe’s “deep technical expertise, strong and diversified non-life portfolio and its high caliber people,” which he said positioned it to benefit from the tightening re/insurance market across many lines.

“Our life and health operations are growing well and profitably, and we’re committed to continuing our investments in this platform. With our solid balance sheet and the strength of our relationships with brokers and clients, I’m truly excited about the great opportunities we have in front of us and at the prospect of building an even stronger PartnerRe,” he added.

Clarke highlighted the progress PartnerRe has made in its non-life portfolio and franchise, in building its life and health platform, and in strengthening its talent base. “I am confident PartnerRe is very well positioned for future success,” he added.