PartnerRe Looks Reasonable Here, Especially If Pricing Firms
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Mon, Oct. 27, 8:59 PM
- Q3 operating earnings of $226.7M or $4.47 per share vs. $311.2M and $5.70 one year ago.
- CEO Costas Miranthis: "We continue to see current conditions as challenging."
- Net premiums written of $1.3B up 5% on a constant currency basis. Net premiums earned of $1.6B up 8%. Non-life combined ratio of 84.2%.
- Net investment income of $118M down 4% on a constant currency basis, thanks to lower reinvestment rates.
- About 500K shares repurchased for total cost of about $55M - average price of $108.36 represents a 9% discount to June 30 book value. As of today, about 4.5M shares remain under the buyback authorization..
- Book value per share of $121.95 up 11.6% since the start of the year. Today's close was $114.52.
- Previously: Partnerre beats by $0.81, beats on revenue
- PRE no trades AH
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- "Fierce competition, over-capacity and low returns continue to put pressure on the industry," says Moody's, reinforcing its negative outlook on the global reinsurer sector (first changed to negative in June).
- There are positive developments though, particularly a slowing in price declines. Moody's previously believed a 15-20% drop in cat prices next year a "distinct possibility," but says such a severe scenario has become less likely.
- One reason for the slowing price decline, says Moody's, is non-traditional competitors like insurance linked securities (ILS) are having a tough year and have less scope to cut pricing.
- Among the reinsurers: ACE, XL, PRE, RE, RNR, AHL, ENH. AXS, ACGL, RGA, MRH, UNM, OTCPK:SSREY, GLRE, TPRE.
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Mon, Apr. 28, 4:50 PM
- Operating earnings of $176.9M or $3.36 per share vs. $202.1M or $3.39 per share a year ago. Gains on investment brings Q1 net income to $295.7M or $5.61 per share vs. $210.5M or $3.53 per share (after investment gains) one year ago.
- Tangible book value per share of $103.10 is up 4.7% from the end of 2013. Annualized operating ROE of 12.3%.
- CEO Costas Miranthis: "We are beginning to see the effect of our efforts to profitably diversify our portfolio into new lines such as health and mortgage business."
- Previously: PartnerRe Ltd. beats by $0.86
- Source: Press Release
- PRE flat AH
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PRE vs. ETF Alternatives
PartnerRe Ltd through its wholly owned subsidiaries, provides reinsurance and certain specialty insurance lines. It also offers alternative risk products that include weather and credit protection to financial, industrial and service companies.
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