PartnerRe
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The carrier will continue to write assumed retro in Bermuda. -
The Bermuda reinsurer has been active in ILS since launching in 2007.
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Benjamin Baltesar spent more than six years at Euler ILS.
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He replaces Andrew Hughes, who held the role since 2021.
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Theokli joined the company in 2021 as a senior underwriter.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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Jon Colello will become president in the management shake-up.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.
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The company was recently licensed to expand into non-life insurance lines and now plans to expand into direct P&C insurance business in the US through partnerships with MGAs.
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The appointments to the board begin with immediate effect.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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She will succeed CFO and EVP Nick Burnet, who will be leaving the company to pursue other opportunities.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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The reincarnated $9bn deal is moving a step closer to completion.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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However, the deal is low-to-mid ranking in terms of book multiple.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
