PartnerRe
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods. -
The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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Ruparelia, a former AIG executive, will be based in London and will join PartnerRe’s executive leadership team.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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Inside P&C dissects the biggest deals of the year across broking, commercial lines and InsurTech.
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The reincarnated $9bn deal is moving a step closer to completion.
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The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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However, the deal is low-to-mid ranking in terms of book multiple.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
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