Bermuda-based PartnerRe reported net income available to common shareholders of US$229 million for Q2 of 2020, down from $285 million in the same quarter of 2019.
The firm attributes its results – including $338 million of pre-tax losses in Q2 – to: “Covid-19 and the related effects of the economic downturn in the first half of 2020”. According to the reinsurer’s earnings statement, most of the losses revolve around business interruption and event cancellation related coverages, credit exposures in financial risks lines, and life and health business.
PartnerRe announced: “The Covid-19 pandemic is unprecedented, and the related economic downturn is ongoing. There continues to be significant uncertainty surrounding the full extent of the impact. Despite the recent market conditions, the company's solvency position has remained strong and showed an improvement during the second quarter of 2020. The company also maintains ample liquidity, with cash and cash equivalents of $1.4 billion at the end of the second quarter of 2020.”
Bonneau, who will be based in the PartnerRe’s headquarters in Bermuda, succeeds Emmanuel Clarke, who is leaving the firm by mutual agreement to pursue other opportunities. Dowd expressed the ‘gratitude and appreciation of the Board to Clarke for his achievements as President and CEO over the past four years.
“We’re delighted that Jacques is assuming the role of CEO of PartnerRe,” said Brian Dowd, Independent Chairman of the PartnerRe Board of Directors. “He brings over 40 years of experience in our industry, a strong track record in reinsurance underwriting and deep knowledge of our clients and brokers. He also has detailed knowledge and insight of PartnerRe’s people and business gained over the past two years as a valued colleague on our Board.”