PartnerRe
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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. -
The Bermuda-based reinsurer confirmed the creation of the P&C Americas unit earlier this month as part of a P&C restructure.
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After Hurricane Katrina, a slew of big composite insurers including Axa and Chubb spun off their reinsurance arms, citing their excessive volatility.
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The CEO rules out a primary insurance foray and says the revamp make the carrier more agile.
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The company has been subjected to a series of overhauls since being taken over by Exor in 2015.
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The carrier reported $282mn of catastrophe losses in Q4, net of reinsurance and reinstatement premiums.
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Bonneau was formerly CUO of Chubb and CEO of Chubb Tempest Re.
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The Scor chief also tells Les Echos that the Credit Suisse CEO personally intervened to abandon the bank’s advisory mandate for Covea.
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People say there is no smoke without fire, but we journalists know that it is a lot more complicated than that.
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Reduced ILS capacity is impacting the sidecar and retro market in particular.
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Trapped collateral after recent catastrophes could buttress pricing, the analysts say.
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PartnerRe will shut its DIFC branch, while Aspen Re has dropped fac business in the region.
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