PartnerRe Ltd made a profit of $201.4 million for the first quarter, about $31 million lower than the same period in 2015.

The company’s net income represents a return on equity of 13.3 per cent.

PartnerRe, which has offices on Pitts Bay Road, is now wholly-owned by Exor after being bought by the Italian investment giant in a $6.9 billion deal that was sealed on March 18.

Its operating earnings were $44.2 million, but excluding transaction costs would have been $104.2 million. This compares with reported operating earnings of $150.5 million in the first quarter of 2015.

“We had a solid start to 2016 that culminated with the closing of the Exor acquisition, which lands us on solid ground and enables us to move forward with our usual focus and determination,” said Emmanuel Clarke, PartnerRe’s chief executive officer.

“Our performance for the quarter resulted in an operating ROE of 6.9 per cent, which reflects continuing difficult conditions across nearly all reinsurance markets, an absence of major catastrophes and continued favourable reserve development. With our new ownership now set, we look forward to leveraging our strong franchise and serving as a preferred reinsurer to our clients.”

Net premiums written were $1.5 billion, down 9 per cent. Net investment income fell 2 per cent to $103 million, although on a constant exchange basis was up 1 per cent.

PartnerRe’s total capital stands at $7.7 billion, while its book value is $6.1 billion.