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PartnerRe makes $520m loss in 2011
07 February 2012
$1.790bn of pre-tax catastrophe losses push PartnerRe to heavy loss for the year.
Bermudian reinsurer PartnerRe has made a net loss for 2011 of $520.3m, compared with net profit of $852.6m in 2010.
The reinsurance firm made a net loss of $17.6m in the fourth quarter of 2011, down from a net loss of $57m in the fourth quarter of 2010.
Costas Miranthis, president and CEO of PartnerRe, commented that the firm has more than $7bn of total capital to withstand the losses.
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