PartnerRe Reports Q3 & Nine Month Results
PartnerRe Ltd. reported net income available to common shareholder of $70 million for the third quarter of 2021, compared to income of $206 million for the same period of 2020.
A statement from the company said, “Net income available to common shareholder was $317 million for the first nine months of 2021, compared to income of $2 million for the same period of 2020.
“Operating income was $54 million for the third quarter of 2021, compared to operating income of $18 million for the same period of 2020. Operating income for the first nine months of 2021 was $246 million compared to an operating loss of $209 million for the same period of 2020. Operating income for the third quarter and first nine months of 2021 improved over the same periods of 2020 as a result of improvements in current accident year attritional loss ratios.
“On October 28, 2021, EXOR Nederland N.V. [Exor] and Covéa Coopérations S.A. [Covéa] announced they entered into a memorandum of understanding under which, following completion of Covéa’s required consultation with works councils in France, the parties would enter into a definitive agreement for Covéa to acquire the Company [the Covéa Acquisition]. The Covéa Acquisition is subject to customary closing conditions, including antitrust, regulatory and other approvals.”
PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “Despite an active quarter for catastrophic activity, we delivered positive operating income during the third quarter of 2021, demonstrating the continued positive financial impacts of our portfolio optimization, especially on the current accident year attritional loss ratio.
“With a profitable underwriting result across all of our segments for the first nine months of 2021, and the strength of our capital and liquidity positions, we are well positioned for the renewal season. As we look forward to 2022, our strong capital base along with over $1 billion in third party capital assets under management leaves us poised to remain a valuable, responsive reinsurance partner.”
