PARTNERRE BOOKS HIGHER Q1 PROFIT

Bermudian multiline reinsurer PartnerRe Ltd swung to Q1 net income of $360.1m from a year-earlier loss of $807m, as a sharp reduction in catastrophe-related losses gave the group underwriting income of $106m against a loss of $853m. The group also benefited from a swing to $192.7m in realized and unrealized investment gains from losses of $112.2m. Its core non-life segment saw its combined ratio improve to 84.7% from 193.7% as it swung to underwriting income of $123m from a loss of $825m. Non-life earned premiums fell 9.8% to $795m, with each of its four operating segments – North America, non-US p/c, non-US specialty and catastrophe – posting declines primarily owing to the cancellation or non-renewal of business in previous quarters.