Bermuda’s PartnerRe Ltd. announced that “the Company bound contracts expected to generate $1.37 billion in premiums during its key January 2002 renewal season — an increase of 37%.”
The Company the company posted an operating loss to common shareholders of $222.4 million, mostly from $400 million in losses from the FTC disaster and $47.3 million from Enjoin (See ICJ Website Feb. 12). It entered the renewal season with expiring premium of approximately $1 billion.
The announcement said that the company had “canceled, restructured or otherwise non-renewed contracts representing $190 million of premium. Increased pricing and larger shares of treaties are expected to generate $210 million of incremental premium on business renewed, and the Company wrote new business which should contribute $350 million of premium. Prices on the renewal book increased approximately 20% on average.”
Partner Re indicated that the January renewal period “accounts for over 60% of the total business bound by the Company,” from all lines. CEO and President Patrick Thiele stated that, “We believe the market dynamics during January renewals, with improved prices and attractive terms and conditions, presented an opportunity for the right kind of growth.” He predicted that the company would continue its strong growth, and foresaw present conditions continuing into 2003.
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