PartnerRe

The carrier will continue to write assumed retro in Bermuda.

The Bermuda reinsurer has been active in ILS since launching in 2007.

Benjamin Baltesar spent more than six years at Euler ILS.

He replaces Andrew Hughes, who held the role since 2021.

Theokli joined the company in 2021 as a senior underwriter.

The carrier’s non-life combined ratio improved by 5 points to 81.6%.

Jon Colello will become president in the management shake-up.

Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.

The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.

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.

The appointments to the board begin with immediate effect.

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.

She will succeed CFO and EVP Nick Burnet, who will be leaving the company to pursue other opportunities.

The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.

The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.

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.

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.

The ceded premiums were up more than sixfold after it set up a new sidecar.

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.

The reincarnated $9bn deal is moving a step closer to completion.

The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.

However, the deal is low-to-mid ranking in terms of book multiple.

The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.

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.

The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

The carrier has recently gained sidecar investment by Covea and private equity firm Olympus Partners.

The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.

The transaction is a bearish signal for the post-Covid cat reinsurance market.

The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.

Nicholas Hughes will become retro head, while Guy Hengesbaugh and Aaron Coates join as underwriters.

The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor

Philippe Meyenhofer is named CEO of specialty at the Bermuda reinsurer.

This comes after Exor said the firm was not for sale.

The statements come after an outline agreement, signed by Covea 10 weeks ago, collapsed this week.

Plummeting global markets have reduced the value of the carrier’s investments, results show.