PartnerRe, a global reinsurer, providing multi-line reinsurance to insurance companies, has reported net income of $124.2m for the second quarter of 2011, or $1.69 per share on a fully diluted basis, compared to $190.9m, or $2.31 per share, for the same quarter last year.
The company posted total revenue of $1.345bn for the second quarter of 2011, compared to $1.325bn for the same quarter in 2010.
In the second quarter of 2011, the net premiums written dropped to $1.06bn, compared to $1.11bn in the corresponding quarter of the 2010.
The reinsurer posted operating earnings of $67.2m, or $0.98 per share on a fully diluted basis, for the second quarter of 2011, compared to operating earnings of $141.8m, or $1.80 per share, for the second quarter of 2010.
For the quarter, the company’s losses related to the 2011 catastrophic events are estimated to be $181m pre-tax, net of reinstatements, reinsurance and commission adjustments, and include $178m in the non-Life segment and $3m in corporate and other segment.
PartnerRe president & CEO Costas Miranthis said the second quarter of 2011 was another active period in terms of catastrophe-related losses for the industry, with a series of severe weather events across the US in April and May, along with a number of smaller losses, including another earthquake in New Zealand in June.