PartnerRe

The carrier’s non-life combined ratio improved by 5 points to 81.6%.

Jon Colello will become president in the management shake-up.

Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.

The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.

The company was recently licensed to expand into non-life insurance lines and now plans to expand into direct P&C insurance business in the US through partnerships with MGAs.

The appointments to the board begin with immediate effect.

Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.

She will succeed CFO and EVP Nick Burnet, who will be leaving the company to pursue other opportunities.

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.

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.

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.