PartnerRe Ltd. said it lost $191 million in the 2016 fourth quarter due, in part, to some one time costs such stemming from being acquired by Italian Investment firm EXOR and some business unit reorganization earlier in the year. Still, the reinsurer maintained a solid property/casualty combined ratio, even with Hurricane Matthew-related losses.
The Bermuda-based carrier said that its Q4 net loss compared to $162.3 million in net income over the same period a year ago.
PartnerRe’s non-life combined ratio came in at 89.6, itself a healthy number but it was 3.1 points higher than its 2015 fourth-quarter combined ratio. PartnerRe partially blamed $45 million in Hurricane Matthew-related losses in Q4 for this result, which it said added 4.6 points to the combined ratio. Another factor: lower favorable prior year’s reserve development, which was partially offset by lower mid-sized loss activity.
PartnerRe said it produced $388.4 million in net realized and unrealized investment losses in the 2016 fourth quarter, versus $24.3 million in net realized/unrealized investment losses over the same period in 2015. The reinsurer booked $104.9 million in net investment income in Q4, down from $107.9 million over the same period in 2015.
Here are other result highlights:
- Consolidated gross premiums written were $1.1 billion during Q4, up from $1 billon in Q4 2015. Net premiums written were $1 billion, about flat with the same period a year ago. Net premiums earned were also basically flat, year-over-year, at more than $1.2 billion.
- P/C gross premiums written were $397 million, and net premiums written were $394 million in Q4. In Q4 2015, those numbers were $380 million and $377 million, respectively.
- PartnerRe’s specialty segment produced $407 million in gross written premiums written during the fourth quarter, and $389 million in net premiums written. Over the same period in 2015, those numbers were $421 million and $403 million, respectively.
- For all of 2016, PartnerRe booked more than $387.3 million in net income, versus $47.6 million the previous year.