Three Bermuda-based reinsurers—Everest Re, RenaissanceRe and PartnerRe—posted positive fourth-quarter and year-end results despite losses from Superstorm Sandy.
Of the three, PartnerRe Ltd. reported the strongest gains, turning a 2011 fourth-quarter $18 million net loss into net income of $112 million for the same period in 2012.
During the quarter, the Pembroke, Bermuda-based carrier suffered $225 million in Sandy losses, net of retrocession and reinstatement premiums, as well as $316 million in losses stemming from the U.S. drought. But President and CEO Costas Miranthis says in a statement that the company generated $660 million in operating income and achieved a combined ratio of 87.8.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
