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Member, Beacon International Group, Ltd.
PEMBROKE, Bermuda—Pointing to catastrophe losses, large loss events and lower reinvestment rates, PartnerRe Ltd. on Monday reported $852.6 million in net income for 2010, a 44.5% decrease from 2009.
Net premiums written increased 19.2% to $4.71 billion, the Pembroke, Bermuda-based reinsurer said. It reported a 95% combined ratio for the year vs. 81.8% for 2009.
For the fourth quarter, PartnerRe reported an 83.9% drop in net income to $57 million. Net premiums written decreased 9.3% to $820.6 million. The company posted a 94.6% combined ratio vs. 80.3% for the previous quarter.
Factors influencing fourth-quarter results included an upward revision of the New Zealand earthquake loss and the flooding in Australia, according to PartnerRe.
The company repurchased 14 million common shares at a total cost of about $1.1 billion for the year, including the repurchase of 5.1 million common shares at a cost of about $400 million for the quarter.
“Despite a challenging quarter and year, both of which included a number of catastrophes and large loss events, our underlying portfolio continues to perform well. We are also pleased with the performance of our investment portfolio, although lower reinvestment rates continue to impact operating earnings,” PartnerRe President and CEO Costas Miranthis said in a statement.