PartnerRe’s 2012 Q1 results show losses of $576 million, in comparison with $1,607 million for the same quarter last year.
Due to this comparatively benign quarter, PartnerRe posted a net profit of £360 million.
PartnerRe’s president & chief executive officer Costas Miranthis noted that the company had a good first quarter with consistently strong underwriting results in all segments, and that this had resulted in a 13 percent operating return on beginning equity.
“We also had significant gains in our investment portfolio and this enabled us to grow our book value per share approximately 6 percent during the quarter. These results give us a good start to the year,” he said.
“While the broad economic environment remains challenging, and low investment yields are likely to persist for some time, we continue to be cautiously optimistic about improving rate adequacy trends in our reinsurance markets.
“The trends that we observed in the January renewals have persisted through the April renewals. In this environment, our reinsurance portfolio, with its broad diversification by line and geography, as well as our strong balance sheet, provide a solid foundation to pursue our strategic goals.”
PartnerRe, losses, Costas Miranthis