PartnerRe predicts $115m Q2 loss

Bermuda-based PartnerRe has revealed it expects second quarter net losses of between $115 million and $95 million, driven by mark-to-market losses.

In a preannouncement, the reinsurer added that driven by increases in risk-free rates, net after-tax realised and unrealised losses on investments hit $217 million.

It also expects operating earnings between $100 million and $120 million, with $34 million of expenses related to the negotiated earn-out consideration paid to the former shareholders of Presidio Reinsurance Group and expenses related to the amalgamation with Axis Capital.