Bermuda reinsurers report favorable 2013 fourth-quarter results

The Bermuda reinsurance market reported generally favorable financial results for the fourth quarter of 2013.

Axis Capital Holdings Ltd., Pembroke, Bermuda, had fourth-quarter net income of $171.5 million compared with a net loss of $19 million during the fourth quarter of 2012, the company said in a statement Wednesday. The insurance segment reported underwriting income of $11 million for the current quarter, compared with an underwriting loss of $46 million for the fourth quarter of 2012.

For the year ended Dec. 31, the company had net income of $683.9 million, an increase of 38.1% over that of 2012. Net written premiums increased 25.1% to $647.9 million for the quarter, and increased 17.7% to $3.93` billion for the year.

The company's fourth-quarter combined ratio was 92.5% compared with 112.2% in the year-ago period, while the full-year combined ratio was 91.0% compared with 96.2% in 2102.

Pembroke, Bermuda-based PartnerRe Ltd. reported fourth-quarter net income of $271.8 million, more than double that of the 2012 fourth quarter. Net income for all of 2013 was $664.0 million, a drop of 70.2% from 2012, as a result of “significant mark to market losses on our fixed income portfolio resulting from higher risk free rates,” PartnerRe said in a statement.

PartnerRe's fourth-quarter net written premiums rose 28.9% over the prior-year period to $1.19 billion, while full-year net written premiums rose 18.2% over 2012 to $5.40 billion.

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The company's fourth-quarter 2013 combined ratio was 88.0% compared with 95.3% in the year-ago period. For the full year, PartnerRe's combined ratio was 85.3% compared with 87.8% in 2012.

Hamilton-based Platinum Underwriters Holdings Ltd. had fourth-quarter net income of $48.6 million, down 60.0% from the fourth quarter of 2012. For the year ended Dec. 31, net income was $223.3 million, down 31.8% from 2012.

Fourth-quarter 2013 net written premiums was $148.1 million, up 10.6% from the same period in 2012. The fourth-quarter combined ratio was 63.5% compared with 25.4% in the prior-year period.

For the full year of 2013, net written premiums totaled $567.1 million, up 0.4% from 2012. Full-year combined ratio was 62.7% compared with 62.5% in 2012.

Pembroke-based RenaissanceRe Holdings Ltd. reported fourth-quarter net income of $268.7 million, up more than sixfold from $41.7 million in the fourth quarter of 2012. For the year ended Dec. 31, the company had net income of $665.7 million, up 17.6% from 2012.

Net written premiums totaled $80.8 million in the quarter, up 4.4% from a year ago. For the year, new written premiums were $1.20 billion, up 9.1% from 2012.

The company had a fourth-quarter combined ratio of 26.4% compared with 98.5% in the last three months of 2012. For all of 2013, the combined ratio was 43.8% compared with 57.8% in 2012.