PartnerRe sees profits collapse in first nine months of 2020

PartnerRe has seen its profits collapse in 2020, though they held up in the third quarter, with only a modest decline on its reported profits for Q3 2019.

The re/insurer reported a net profit of $206 million for Q3 2020, compared to $216 million in the same period of 2019.

There was a more precipitous drop in profitability in the first nine months of the year, with PartnerRe reporting profit of $2 million, down from $998 million for the first nine months of 2019.

PartnerRe reported gross written premium of $1.6 billion for Q3 2020, slightly down on the $1.7 billion reported at the same point in 2019. For the first nine months of the year its gross written premium was $5.2 billion, also slightly down from the $5.7 billion reported in 2019.

The combined ratio for the non life segment was 101.6 percent for Q3 2020, having been 96.4 percent in Q3 2019. For the first nine months of the year its combined ratio was 109 percent in 2020, compared to 95.5 percent for the first nine months of 2019.

PartnerRe president and chief executive officer Jacques Bonneau noted the “many unprecedented challenges” facing re/insurers in 2020 which he said have been “compounded by exceptional levels of catastrophic events for the industry, with the most active Atlantic hurricane season on record.”

Despite this, he said, “PartnerRe has emerged with an increased focus on providing valuable capacity and solutions to our clients and broker partners to assist them in growing their businesses.”