PartnerRe Q1 Net Income Dips as Premiums Rise

Bermuda’s PartnerRe Ltd. reported net operating earnings of $55.6 million for the first quarter, a slight decrease from the $57.1 million recorded last year. Net premiums written, however, increased to $597.8 million for the quarter compared to $440.1 million.

PartnerRe President and CEO Patrick Thiele was unconcerned by the decline. “Overall, we are encouraged by our first quarter results, which are consistent with our goal of at least 13% annual return on beginning common shareholders equity, barring major catastrophes,” he stated. “Although operating earnings are modestly down over the first quarter 2000, they represent a significant improvement over 2000 on an annualized basis.”