PartnerRe
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively. -
The payment comes on top of an original consideration of $9bn.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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Ratings were reaffirmed for the Bermuda-based target company PartnerRe.
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The reincarnated $9bn deal is moving a step closer to completion.
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The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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Based in Zurich, Jörg Bruniecki will take up his new role in 2022, reporting to MS Amlin AG CUO Charles Goldie.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.
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The ratings agency said that the deal would increase diversification but heighten catastrophe exposure.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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However, the deal is low-to-mid ranking in terms of book multiple.
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