PARTNERRE SWINGS TO BLACK ON UNDERWRITING AND INVESTMENT GAINS

Bermudian reinsurer PartnerRe swung to fourth-quarter net income of $203.9m from a loss of $107.8m, reflecting a swing to non-life underwriting profit and a more than doubling of realised and unrealised gains to $269m. The combined ratio improved by 15.2 points to 98.6%. The improvement was driven by declines in natural catastrophe and current accident year specialty losses, partially offset by $20m in losses related to the Covid-19 pandemic. Non-life gross written premiums grew 10.2% to $1.29bn. For all of 2020, the group’s net income fell 77% to $205.9m, driven by $371m in pandemic-related losses and $55m in losses from Hurricane Laura. The combined ratio added 5.7 points to 106% as the underwriting loss totaled $304m. Non-life gross written premiums fell 7.2% to $5.38bn.