PartnerRe posts profit despite cat losses

Posted On: Feb. 22, 2018 4:59 AM CST

Bermuda-based reinsurer PartnerRe Ltd. reported net income of $72 million for the fourth quarter of 2017 despite taking a $120 million hit from wildfires in California, The Royal Gazette reported. The reinsurer recorded $569 million in catastrophe losses due to hurricanes Harvey, Irma and Maria, and the California wildfires. PartnerRe's net income totaled $218 million in 2017 due to strong returns from investments and its specialty business.