PartnerRe in red with over $1.5 billion net loss in first nine months

Bermuda-based reinsurer PartnerRe Ltd. posted a net loss of more than $1.5 billion in the first nine months of the year – down from a profit of $317 million in the year-ago comparable period, The Royal Gazette reported. The high net losses were driven by unrealized losses on fixed maturities and short-term investments. PartnerRe saw about 4% year-on-year increase in large losses to $434 million, driven by Hurricane Ian, floods in South Africa and Australia, and the Ukraine-Russia war.