Non-life underwriting loss weighs heavily on PartnerRe’s H1 results

Bermuda-based reinsurer PartnerRe remains optimistic despite significant catastrophe losses in H1, with its CEO emphasising a continued focus on long-term strategy and portfolio resilience.

California wildfires and reserve strengthening in prior years has resulted in a $333 million non-life business underwriting loss for PartnerRe this H1, with $293 million attributed to property and casualty and $40 million from the specialty segment.

In the face of large losses, non-life combined ratio rocketed from 97.9% in H1 of 2024 to 112.7% at the end of the first half this year.

Gross written premiums fell to $5.2 million in H1 this year to $5.3 million in the first half of this year.

PartnerRe's life and health business continues to grow, acting as a counter for non-life activity, resulting in an overall net profit increase of 27% to $4.9 million, up from $3.5 million in H1 2024.

Philippe Meyenhofer (pictured), chief executive officer, said: “Despite recent headwinds in our non-life business, primarily driven by catastrophe losses and reserve adjustments in US casualty, we remain firmly committed to our long-term strategy. Our Life and Health segment continues to perform strongly, and our investment portfolio is delivering solid returns. These results reaffirm the strength of our diversified business model. The company’s solvency position is strong and total capital has continued to grow in the first half of 2025 to $11.6 billion.”

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