PartnerRe today reported on the “significant industry event” that was Hurricane Ian, but said the net loss attributable to common shareholder of more than $1.5 billion for the first nine months of the year (2021 9m: $317 million profit), was due to unrealised losses on fixed maturities and short term investments of $1.9 billion.

Hurricane Ian caused $50 billion worth of damage when it struck Florida in late September as a category four storm.

“Our thoughts are with those impacted by the quarter’s catastrophic activity,” PartnerRe president and chief executive officer Jacques Bonneau said.

“Hurricane Ian was a significant industry event, and the strength and resilience of our balance sheet allows us to remain a trusted business partner to our clients in times of need.

“Despite such a significant industry event, our continuous focus on portfolio optimisation enabled us to deliver strong operating income of $439 million for the first nine months of the year, with an annualised operating return on equity that has nearly doubled to 9.1 per cent.”

Partner Re reported the three months ended September 30, 2022 included large losses of $300 million related to Hurricane Ian.

The three months ended September 30, 2021 included large losses of $297 million related to Hurricane Ida, the European floods and losses on aggregate covers associated with these events.

The nine months to this September 30, included large losses of $434 million related to Hurricane Ian, the ongoing conflict between Russia and Ukraine, the Natal floods and the Australian floods.

The nine months to September 30 last year, included large losses of $417 million related to Winter Storm Uri, Hurricane Ida, the European floods and losses on aggregate covers associated with these events.

Mr Bonneau said as they head into renewal season, their capital base remains strong, reinforced by the scale and capital strength of the Covéa group.

“We are positioned to further increase the value that we provide to our clients, distribution partners, capital partners and other stakeholders,” he said.

The firm also reported net loss attributable to common shareholder of $387 million for the third quarter of 2022, compared to income of $70 million for the same period of 2021.

Operating loss was $62 million for the third quarter of 2022, compared to operating income of $54 million for the same period of 2021.

A company spokesman said the figures were the result of a decrease in underwriting profits for the non-life segments due to large catastrophic losses, offset by an increase in the life and health allocated underwriting result.

Operating income for the first nine months of 2022 was $439 million compared to operating income of $246 million for the same period of 2021 as a result of improvements in the underwriting results for the P&C and life and health segments.