ZUG, Switzerland—Lower catastrophe losses helped Paris Re Holdings Ltd. improve to a $114.2 million profit for the first nine months of 2009, up from $1.8 million in the prior-year period.
Paris Re said that despite a $25.5 million loss from floods in Turkey and a $19 million loss related to European windstorm Klaus earlier this year, major losses had less of an impact on the Zug, Switzerland-based reinsurer than in 2008. Its combined ratio for this year’s first nine months was 94.6%, compared with 106.7% for the period a year ago.
Paris Re’s gross written premiums were down 12.3% to $1.18 billion for 2009’s first three quarters. Net investment income, meanwhile, fell 23.8% to $139.8 million.
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