PartnerRe
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A London banking source tipped Covea as a suitor for the Bermudian reinsurer. -
The reinsurance chief also says he’s preparing clients for significant rate rises as the carrier’s underwriting “walks the talk”.
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The syndicates defy a trade capital retrenchment by carriers including PartnerRe and Aioi Nissay Dowa.
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Non-life net written premium at the Bermuda carrier surged by 17 percent.
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Zurich Insurance’s Nicolas Burnet will replace the CFO, who is to pursue an Exor-backed “entrepreneurial venture”.
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The move comes after the reinsurer placed its corporate member business under review.
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Other providers of Lloyd's reinsurance capital are also expected to shrink their books for 2020.
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The ratings agency says the Emmanuel Clarke-led reinsurer’s balance sheet strength is “at the strongest level”.
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The reinsurer’s non-life combined ratio deteriorated by 1.9 points to 92.8 percent.
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PartnerRe reported a net profit of $497mn for the first quarter of 2019 after generating a net investment return of $600mn during the period.
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The Bermuda-based reinsurer confirmed the creation of the P&C Americas unit earlier this month as part of a P&C restructure.
