PartnerRe reports solid 2006 3Q income

PartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported its non-life combined ratio during 2006 3Q was 81.4%, compared to the 156.3% COR the reinsurer posted during 2005 3Q (again, reflecting last year’s record-setting catastrophes).”Net premiums written for the third quarter of 2006 were US$807.8 million a 5% increase from the third quarter of 2005, which included US$40.3 million of catastrophe reinstatement premiums related to Hurricane Katrina,” the company announced in a press release. “Excluding the 2005 reinstatement premiums, the growth in net written premiums was 11%.”PatrnerRe said its global (non-U.S.) property and casualty business, which represents approximately 19% of total net premiums written for the quarter, reported net premiums written of US$154 million for the third quarter of 2006. The total represented a 12% increase over the US$137 million recorded during the same period in 2005, PartnerRe reported. “Net premiums earned during the quarter were US$202 million, up 6% from US$191 million in the same period last year,” the company reported, referring to its global P&C business. “The technical ratio for this sub-segment was 95.5%, compared to 88.1% for the same period in 2005.”