PartnerRe Ltd. Reports First Quarter 2021 Results

• Net loss attributable to common shareholder of $66 million, driven by $344 million of net unrealized losses on fixed maturities due to risk free rate movements which are recorded at fair value. This mark to market volatility was partially offset by $83 million of realized gains on private equities and $107 million of net unrealized gains on equities and other invested assets. The first quarter was also impacted by $104 million of net losses from Winter Storm Uri

• Net premiums written were up 9% at $2,048 million. P&C increased by 12%, generally driven by rate improvements, and Life and Health increased 11%, driven by growth in our long-term business

• Non-life underwriting result of $40 million (combined ratio of 96.7%) despite the impact of Winter Storm Uri of $104 million (8.7 points on the combined ratio), and Life and Health underwriting profit, including allocated net investment income, of $20 million

• In Q1 2021, $200 million of 4.875% Fixed Rate Non-Cumulative Redeemable Perpetual Series J Preferred Shares were issued and the proceeds were used to refinance the outstanding preferred shares. In May 2021, fully redeemed the Series G, H and I Preferred Shares at a redemption value of $637 million. Estimated annual savings of over $18 million after tax.

• Cash provided by operating activities was $369 million for the quarter

PEMBROKE, Bermuda--(BUSINESS WIRE)--PartnerRe Ltd. ("the Company") today reported net loss attributable to common shareholder of $66 million for the first quarter of 2021.

PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “The 2021 underwriting year started on a positive note from a pricing perspective, and we have seen continued momentum throughout our April 1 non-life renewals, while remaining focused on the execution of our strategy to improve profitability. We are seeing positive rate movement in most, if not all, of our lines of business while achieving price improvements in new and renewal business of approximately 9% for our non-life portfolio through April 1. We were also able to reduce our exposures on poorly performing lines and programs as we continue to drive for increased margins. The underwriting improvements in the first quarter were masked by Winter Storm Uri. The favorable pricing conditions, combined with the benefits we are seeing from our re-underwriting actions and significant growth in third party capital, position us well to deliver improvements in our underwriting and financial results during the remainder of 2021.” Please click here to access the PartnerRe News page for the full release.