Two Bermuda reinsurers reported sharply different earnings as PartnerRe says first quarter net income fell 35 percent on investment declines while Arch Capital Group saw its net income grow 56 percent as its reinsurance business grew.
Pembroke, Bermuda-based PartnerRe says net income dropped $126 million to $234 million, hurt by a 16-percent drop in investment income and unrealized investment gains dropping 88 percent. However, gross premium written climbed 12 percent during the first quarter to $1.76 billion and the combined ratio improved 3 points to 81.7.
“Reinsurance markets are evolving rapidly and present challenges,” observes PartnerRe President and CEO Costas Miranthis. He says while pricing has improved, competition has intensified in recent months, but that has not changed the company's desire to carefully underwrite risks.
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