PartnerRe losses from HIM, California wildfires at $569m
Bermuda-based PartnerRe has reported aggregate losses from hurricanes Harvey, Irma and Maria (HIM) and the California wildfires at $569 million, net of retrocession and reinstatement premiums.
The nat cat events made the non-life combined ratio deteriorate to 99.3 percent for the full year 2017 from 93.6 percent in 2016.
Net income available to common shareholder was $218 million for the full year 2017 compared to $387 million for 2016.
“In 2017, in the face of industry insured losses in excess of $100 billion, we delivered solid financial results with adjusted net income of $250 million and an adjusted ROE of 4.2 percent,” said PartnerRe CEO Emmanuel Clarke.
“We have started 2018 on a very positive note, with strong execution at the January renewals where we benefited from pricing improvements across a broad span of our portfolio with a double-digit rate increase in North America Property Cat rates along with improving profit margins in most of our Specialty lines and other P&C segments globally. We have leveraged opportunities to expand our business relationships with our clients and brokers and further improve our portfolio, with double-digit year-on-year growth in Non-Life renewable treaty premium. I am very confident that we will continue to build on these achievements to deliver great results in 2018.”
Non-life net premiums written were down 2 percent for the full year 2017 compared to 2016, driven by a decrease in net premiums written in the P&C segment primarily due to cancellation of business that did not meet the company's target risk-adjusted return.
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