PartnerRe reports net loss of $520.3 million for 2011

PartnerRe has reported a net loss of $520.3 million for 2011, in comparison with a net profit of $852.6 million in 2010.

The company’s chief executive officer and president, Costas Miranthis said that 2011 had been ‘a very challenging year.’

“The industry experienced a number of significant catastrophe events during the year, and as a leading global catastrophe reinsurer, we were impacted by these events,” he says.

“While the 2011 catastrophic events resulted in a significant operating loss for PartnerRe, our strong capital base enabled us to withstand this series of catastrophe losses.”

Miranthis said that with total capital in excess of $7 billion, PartnerRe are well-positioned to benefit from ‘opportunities as the reinsurance market improves.’