PartnerRe's loss in challenging year

WEDNESDAY, FEB. 8: PartnerRe Ltd. reported a net loss of $520.3 million for 2011.

This net loss includes net after-tax realized and unrealized gains on investments of $15.1 million, or $0.23 per share.

Operating loss for the full year 2011 was $641.6 million, or $9.50 per share. This compares to operating earnings of $491.8 million, or $6.29 per share, for the full year 2010.

PartnerRe president and CEO Costas Miranthis said: “2011 was a very challenging year. The industry experienced a number of significant catastrophe events during the year, and as a leading global catastrophe reinsurer, we were impacted by these events. While the 2011 catastrophic events resulted in a significant operating loss for PartnerRe, our strong capital base enabled us to withstand this series of catastrophe losses.

“With total capital in excess of $7 billion, we are well-positioned to benefit from opportunities as the reinsurance market improves.”

Mr. Miranthis added, “During the January 1 renewals, we saw encouraging signs in most of our business lines.

“Chronic premium rate erosion appears to have been halted nearly everywhere, and risk-adjusted premium rates increased in several areas — some significantly and some more modestly. In this environment, we are pleased with the outcome of the January renewals.