Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Both PartnerRe, Montpelier Re post improved second quarters over 2013

Reprints

Two Bermuda-based reinsurers bounced back from 2013's second-quarter losses with profits as they reported second-quarter 2014 results on Monday.

Pembroke-Bermuda-based PartnerRe Ltd. had second quarter net income of $257.7 million compared with a loss of $190.4 million last year as net revenues soared and its combined ratio improved.

Second quarter results were affected by net realized and unrealized investment gains totaling $165.7 million this year compared with a loss of $299.2 million during second quarter 2013, according to the reinsurer.

Revenues jumped 59.8% for the quarter to $1.66 billion as net written premiums increased 8.4% to $1.42 billion. Second quarter net investment income of $129.9 million was up 4.4% from the year-ago period.

PartnerRe's second quarter combined ratio improved to 91.5% from 97.8% in the same period last year.

“We had a good second quarter on the back of the strong results we posted in the first quarter,” Costas Miranthis, the company's president and CEO, said in the earnings statement.

For the six months ended June 30, net income was $553.3 million compared with $20.2 million in the year-ago period. Revenues increased 26.4% to $3.17 billion.

Six-month net written premiums increased 7.2% to $3.16 billion while net investment income slipped 0.6% to $246.8 million.

The company's six-month combined ratio improved to 87.8% from 90.0% in the year-ago period.

Meanwhile, Hamilton, Bermuda-based Montpelier Re Holdings Ltd. posted second quarter net income on $37.1 million compared with a loss of $27.3 million in the second quarter 2013 as net premiums rose but investment income slipped.

Results from the year ago period were hit by a $61.2 million loss in net realized and unrealized investment gains compared with a gain of $19.8 million in this year's quarter.

For the three months ended June 30, net premiums written totaled $204.9 million, up 3.6% from the year-ago period. Net investment income dropped 25.7% to $12.4 million for the quarter.

Montpelier's second quarter combined ratio deteriorated to 76.7% from 69.0% in the year-ago quarter.

“We believe our nimble underwriting approach, flexible capital base, and excellent client relationships continue to position us well in the current environment,” Christopher Harris, president and CEO, said in the company's earnings statement.

For the six months ended June 30, net income reached $127.0 million, almost double the $64.8 million net income from the year-ago period.

Net written premiums stood at $442.0 million, up 4.3% from the same period last year. Net investment income decreased 23.6% to 25.3 million.

The company's six-month combined ratio improved to 63.8% from 65.5% in the same period last year.

Read Next