Three Bermuda-based reinsurers—Everest Re, RenaissanceRe and PartnerRe—posted positive fourth-quarter and year-end results despite losses from Superstorm Sandy.
Of the three, PartnerRe Ltd. reported the strongest gains, turning a 2011 fourth-quarter $18 million net loss into net income of $112 million for the same period in 2012.
During the quarter, the Pembroke, Bermuda-based carrier suffered $225 million in Sandy losses, net of retrocession and reinstatement premiums, as well as $316 million in losses stemming from the U.S. drought. But President and CEO Costas Miranthis says in a statement that the company generated $660 million in operating income and achieved a combined ratio of 87.8.
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