Bermudian-based global re/insurer PartnerRe Ltd has reported a net loss of $66 million for the first quarter.

The company said the result was driven by $344 million of net unrealised losses on fixed maturities due to risk-free rate movements which are recorded at fair value.

PartnerRe said this mark-to-market volatility was partially offset by $83 million of realised gains on private equities and $107 million of net unrealised gains on equities and other invested assets.

The company added that the first quarter was also impacted by $104 million of net losses from Winter Storm Uri.

Net premiums written were up 9 per cent at $2.04 billion.

P&C increased by 12 per cent, generally driven by rate improvements, and Life and Health increased 11 per cent, driven by growth in PartnerRe’s long-term business, the company said.

PartnerRe reported a non-life underwriting result of $40 million, with a combined ratio of 96.7 per cent, despite the impact of Winter Storm Uri of $104 million.

The company reported Life and Health underwriting profit, including allocated net investment income, of $20 million.

In the first quarter, $200 million of 4.875 per cent Fixed Rate Non-Cumulative Redeemable Perpetual Series J Preferred Shares were issued and the proceeds were used to refinance the outstanding preferred shares.

In May, PartnerRe said it fully redeemed the Series G, H and I Preferred Shares at a redemption value of $637 million, resulting in estimated annual savings of more than $18 million after tax.

Cash provided by operating activities was $369 million for the quarter.

Jacques Bonneau, president and chief executive officer of PartnerRe, said: “The 2021 underwriting year started on a positive note from a pricing perspective, and we have seen continued momentum throughout our April 1 non-life renewals, while remaining focused on the execution of our strategy to improve profitability.

“We are seeing positive rate movement in most, if not all, of our lines of business while achieving price improvements in new and renewal business of approximately 9 per cent for our non-life portfolio through April 1.

“We were also able to reduce our exposures on poorly performing lines and programmes as we continue to drive for increased margins.

“The underwriting improvements in the first quarter were masked by Winter Storm Uri.

“The favourable pricing conditions, combined with the benefits we are seeing from our re-underwriting actions and significant growth in third party capital, position us well to deliver improvements in our underwriting and financial results during the remainder of 2021.”