Bermuda-based reinsurer PartnerRe Ltd reported yesterday that net second-quarter income jumped 33 percent, with improved underwriting results and investment gains pushing up the bottom-line result while net premiums fell 9 percent.
In a statement, PartnerRe President & Chief Executive Officer Patrick Thiele said the results were "favorably impacted by a low level of large losses, in contrast to an above-average amount of such events in the first quarter of 2005."
For the first half of 2005, he said, "rapidly growing investment income somewhat offset the declining premium volume and underwriting profitability that are characteristic of this stage of the reinsurance pricing cycle."
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