PartnerRe announces quarterly cash dividend

20-08-2021

PartnerRe announces quarterly cash dividend

shutterstock/Michail Petrov

PartnerRe’s board of directors declared a quarterly cash dividend of just over $0.30 on the company’s preferred shares yesterday (August 19).

The Bermudian global reinsurer will pay the dividend on September 15, 2021 to shareholders of record on August 31, 2021.

It declared the dividend for the period June 15, 2021 to September 14, 2021 of $0.3046875 per share on the company’s 4.875% fixed rate non-cumulative redeemable preferred shares, series J.

PartnerRe total assets were $28.3 billion, total capital was $9.2 billion and total shareholders’ equity was $7.2 billion, as of June 30, 2021.

It increased its net profit to $314 million for the second quarter, compared with $229 million for the same period of 2020, the company reported in July. Net profit was $248 million for the half year, up from $204 million year-on-year.

The Pembroke-based reinsurer, which has P&C, specialty, and life & health businesses, reported total revenues of $7.4 billion for the 2020 calendar year.

Its profits were down sharply for 2020 at $205.9 million, almost all of which was made in the final quarter, from the $890.3 million earned in 2019. PartnerRe president and CEO Bonneau commented in February of the “exceptional challenges” the business had faced in 2020, including COVID-19 and a record-breaking year of midsized weather events.

A.M. Best rates PartnerRe A+, Moody’s rates it A1 and Standard & Poor’s A+.

PartnerRe, Dividend Declaration, Preferred Shares, Insurance, Reinsurance, Bermuda

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