What’s New: In Brief (May 01, 2008)

PartnerRe Ltd. (NYSE: PRE) has reported a net income of US$129 million for 2008 Q1, compared to US$169.3 million profit posted in 2007 Q1.
The company reported a combined ratio of 92.3% for the first quarter, up from 2007 Q1’s 84.8%.
Net premiums written totalled US$1.4 billion for 2008 Q1 an increase over 2007 Q1’s US$1.2 billion.
“PartnerRe continues to post solid results despite an increasingly competitive non-life reinsurance market,” Patrick Thiele, president and CEO of PartnerRe Ltd., said in a company release.
“We were able to achieve net written premium growth of approximately 11% in a softening market because of the continuing weakness of the U.S. dollar, our acquisition last year of the renewal rights to the international reinsurance operations of the French Monceau Group, as well as significant growth in our agricultural book in the U.S. This new business helps to maintain the superior level of diversification we have built over the last cycle.”

Willis Group Holdings Limited (NYSE: WSH) has reported a net income for 2008 Q1 of US$166 million, compared to its net income of US$169 million a year ago.
The results for 2008 Q1 were significantly affected by charges totaling US$33 million for severance and other costs, according to a Willis release.
The company expects to incur charges currently estimated at between US$65 million and US$85 million in 2008, resulting in cost savings currently estimated between US$25 million and US$35 million in 2008.
The cost savings are predicted to rise in 2009, the company says.
“We delivered good organic revenue growth in each business segment driven by our robust sales culture, despite the soft insurance market conditions,” Joe Plumeri, chairman and CEO, said in the release. “We continue to execute the Shaping our Future strategy to deliver top-line growth while maintaining expense discipline.”
Total reported revenues for 2008 Q1 were US$795 million, compared with $739 million for the same period last year.