Partner Re first quarter net income up 40.5% over last year

PartnerRe Ltd.’s net income for first quarter of 2014 rose 40.5% over that of the same period a year earlier to $295.7 million, the Pembroke, Bermuda-based underwriter reported Monday.

Net written premiums for the first three months of 2014 rose 6.1% over those of the same period in 2013 to $1.74 billion.

The increase was driven by the North America and Global Specialty non-life sub-segments, and the life and health segment, said PartnerRe in its earnings statement.

The combined ratio, however, deteriorated slightly to 83.9% from 81.7%.

“I am pleased to report a strong start to 2014, with first quarter results reflecting solid underwriting performance and improved financial markets,” said PartnerRe President and CEO Costas Miranthis in a statement. “We are beginning to see the effect of our efforts to profitably diversify our portfolio into new lines such as health and mortgage business. I am confident that our ability to find new, attractive businesses coupled with our excellent franchise, strong client relationships and superior balance sheet position us to compete effectively in an otherwise challenging operating environment.”