PartnerRe weathers storms with strong growth in profits and GWP

Partner Re profits for 2021 surged by more than half over 2020, while gross written premium was up by 19%. Despite an active year for cat losses in the industry, the reinsurer benefited from rate increases in lines like casualty and professional lines and improved economic activity in its other business areas.

With a strong finish in the fourth quarter, which saw a net income of $362m, the group reported a $679m profit for 2021 in its final year results, up from $206m in 2020. Gross written premium for the year was $8.20bn against $6.88bn in 2020.

The combined ratio for non-life business in the year was 90.5%, against 106.0% in 2020, driven by a “continuous focus on portfolio optimization”, Partner Re said. That was despite large catastrophic losses, net of retrocession and reinstatement premiums, of $66m in the fourth quarter of 2021 from Hurricane Ida, Winter Storm Uri and the European floods.

“We built on the momentum we’ve established with a successful January 1, 2022 renewal, providing solutions to our business partners while maintaining the strength and stability of our platform,” said PartnerRe president and chief executive officer Jacques Bonneau. “Our approach remains disciplined, supported by third-party capital, and we will grow exposures in lines where it is supported by rate. We look forward to the year ahead and to further increasing the value that we provide to all of our clients, capital partners and shareholders.”