PartnerRe CEO hails ‘strong performance’ as profits more than triple in 2021
Profits at Bermuda-based PartnerRe more than tripled in full-year 2021 as the reinsurer benefited from “meaningful” rate increases in casualty and professional lines and improved economic activity in its other business areas.
Despite an active year for cat losses in the industry, PartnerRe produced a net profit of $679 million for 2021, significantly higher than $206 million generated a year ago.
Its gross written premium was also up by a solid 19% to $8.2 billion, against $6.9 billion in 2020.
The combined ratio for non-life business in the year was 90.5%, against 106.0% in 2020, driven by a “continuous focus on portfolio optimisation”, PartnerRe said. That was despite large catastrophic losses, net of retrocession and reinstatement premiums, of $66m in the fourth quarter of 2021 from Hurricane Ida, Winter Storm Uri and the European floods.
“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,” said PartnerRe president and chief executive officer Jacques Bonneau (pictured).
“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.”
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