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Member, Beacon International Group, Ltd.
PartnerRe Ltd. reported net income of $210.5 million during the first quarter of 2013, a 38.9% drop from the first quarter of 2012.
In an earnings release issued Monday, Pembroke, Bermuda-based PartnerRe noted that 2013’s figures reflected net after-tax realized and unrealized gains on investments of $12.3 million, compared with net after-tax realized and unrealized gains on investments of $159.2 million during the same period a year earlier.
PartnerRe’s net written premiums increased 11.6% to $1.64 billion during the first quarter. The company’s first-quarter 2013 combined ratio improved to 81.7% from 84.7% during the same period a year earlier.
“We began 2013 with a very good first-quarter result, driven by strong underwriting performance, generating a nonlife combined ratio of 81.7%, and growth in our underlying portfolio,” PartnerRe President and CEO Costas Miranthis said in a statement.
“Reinsurance markets are evolving rapidly and present challenges,” he said. “While underlying primary pricing continues to improve, reinsurance competition has intensified in recent months. As always, our underwriting decisions over the coming months will be guided by careful evaluation of risks and returns.”
Meanwhile, Hamilton, Bermuda-based Arch Capital Group Ltd. reported net income of $251 million for the first quarter of 2013, a 59.1% increase over that of the same period a year earlier.
Arch said Monday that its first-quarter net written premiums grew 10.3% over the same quarter of last year to $952.8 million, while its combined ratio improved to 84.6% from the 90.1% posted during the same quarter in 2012.
Aspen Insurance Holdings Ltd. on Thursday reported first-quarter net income of $91.8 million, a 16.6% increase over the same period last year.