PartnerRe January 2016 Non-Life Renewal Data
PartnerRe Ltd. announced that during the January 1, 2016 treaty renewal season it expects to write and bind approximately $2.5 billion of Non-Life treaty premium. On a constant foreign exchange basis, this represents a decrease of 5% from the renewable premium base.
The Company renews approximately 65% percent of its total annual Non-Life treaty business on January 1. The remainder is comprised of treaty business that renews at other times during the year. In addition to treaty business, the Company writes approximately $400 million of facultative business which renews throughout the year.
PartnerRe President Emmanuel Clarke said, “As we expected, the January 1 renewal was characterized by further erosion of prices and terms, driven by an oversupply of capital. Given these persistent challenging operating conditions, we approached the renewal expecting a reduction in volume and capital deployed.
“Our teams did an excellent job of maintaining discipline throughout negotiations, while further strengthening our high quality client and broker relationships. The strength of the PartnerRe franchise resulted in us renewing a high quality portfolio, in some cases at superior market terms, and finding additional pockets of attractive new business.”
The table below outlines PartnerRe’s January 1, 2016 Non-Life treaty renewals
