PartnerRe Announces Non-Life Underwriting Profit of $507 Million for 2021
Bermuda-domiciled reinsurer PartnerRe reported non-life underwriting profit of $507 million for 2021, which was reflected in its improved combined ratio of 90.5% from a combined ratio of 106.0% for the fourth quarter and the year 2020.
Large catastrophic losses totaled $66 million for the fourth quarter of 2021, which was related to the refinement of estimates on Hurricane Ida, Winter Storm Uri, European flooding and associated losses under aggregate hedges.
Ultimately, this impacts the P&C and Specialties combined ratios by 5.4 points and 3.5 points, respectively, compared to large catastrophic losses of 1.1 points and 4.9 points on the combined ratios P&C and Specialties for the same quarter of 2020 due to COVID-19 and Hurricane Laura.
Significant catastrophic losses amounted to $483 million for the full year of 2021 and included losses related to Hurricane Ida, Winter Storm Uri, European flooding and related losses under global coverages, which had a negative impact on the P&C and Specialty combined ratios of 12.1 points and 3.3 points.
PartnerRe President and CEO, Jacques Bonneau, said: “In an active year of catastrophic losses for the industry, we were able to deliver strong performance in 2021.
“We increased gross written premiums by 19%, thanks to significant rate increases in lines such as the property and casualty lines of business, and we also benefited from improved economic activity in many other branches of activity.
“Our non-life combined ratio improved by 15.5 points to 90.5%, thanks to our continued focus on portfolio optimization.
“We built on the momentum we established with a successful renewal on January 1, 2022, providing solutions to our business partners while maintaining the strength and stability of our platform.
“Our approach remains disciplined, supported by third-party capital, and we will increase exposures in lines where it is rate-supported.
“We look forward to the year ahead and to further increasing the value we deliver to all of our customers, financial partners and shareholders.”