PARIS RE Holdings Limited announced a net operating income1 of US $59.4 million, or US $0.72 per share, for the second quarter ended June 30, 2009, compared to net operating income of US $81.0 million in the second quarter of 2008.
Net operating income for the first half of 2009 was US $120.4 million, or US $1.47 per share, a decrease of 20.1% from US $150.6 million for the first half of 2008.
Hans-Peter Gerhardt, Chief Executive Officer of PARIS RE Holdings Ltd., commented:
“The second quarter of 2009 and the first half of the year have produced stable results in line with our expectations. We are pleased with a combined ratio in the very low nineties, especially as we absorbed a one-off charge in the context of a commutation of a legacy exposure. For the next months our focus will be to work closely with our clients to maintain our well balanced portfolio through the upcoming renewals. In the meantime we are preparing ourselves for the planned combination with PartnerRe, expecting that all conditions precedent with respect to the different steps of the transaction will be satisfied. Mid-year reinsurance renewals in short tail lines continued the positive trend, albeit not at the level anticipated at the start of this year. Overall we are pleased with the average rate level of our book. The absence of meaningful rate hardening at the primary insurance level, however, gives some reason for concern”.
