PartnerRe noted: “This mark to market volatility was partially offset by US$83 million of realized gains on private equities and US$107 million of net unrealized gains on equities and other invested assets. The first quarter was also impacted by US$104 million of net losses from Winter Storm Uri.”
The company’s non-life underwriting profit in the period stood at US$40 million, while the life & health operations contributed US$20 million in underwriting profit. The latter figure included allocated net investment income.
“The 2021 underwriting year started on a positive note from a pricing perspective, and we have seen continued momentum throughout our April 01 non-life renewals, while remaining focussed on the execution of our strategy to improve profitability,” said PartnerRe president and chief executive Jacques Bonneau.
“We are seeing positive rate movement in most, if not all, of our lines of business while achieving price improvements in new and renewal business of approximately 9% for our non-life portfolio through April 01. We were also able to reduce our exposures on poorly performing lines and programs as we continue to drive for increased margins.”
Bonneau added that the underwriting improvements in the three-month span were masked by Winter Storm Uri.
The CEO went on to state: “The favourable pricing conditions, combined with the benefits we are seeing from our re-underwriting actions and significant growth in third-party capital, position us well to deliver improvements in our underwriting and financial results during the remainder of 2021.”