Partner Re announces good second quarter figures

Bermuda-based Partner Re has followed up its first quarter profit with a $121.9m second quarter profi...

Bermuda-based Partner Re has followed up its first quarter profit with a $121.9m second quarter profit, 83% higher than the $66.6m it made in the same period in 2002.
Gross written premiums (GWP) for the quarter came to $837.3m, up 47.5% on the $567.7m written in the second three months of 2002. The increase took GWP in the first half of 2003 to $2.1bn, up 48.4% on the $1.4bn written in the first six months of 2002.
Net written premiums (NWP) in the second quarter increased 48.9% year-on-year from $563.3m to $838.9m.
The US property and casualty business, which represented 26% of the total NWP for the quarter, saw second quarter net premiums rise by 26% from $176m to $221.3m. This was down on the spectacular 82% increase in net premiums in the first quarter.
President and chief executive Patrick Thiele said: "Growth in net written premiums during the second quarter continued to be strong, representing a 49% increase over the second quarter of 2002. Given our strong second quarter growth on top of the 50% growth in the first three months of 2003, we now expect a higher level of growth for 2003 closer to 30%."
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