Reinsurance

Covéa operates mainly via PartnerRe, the world’s 10th-largest reinsurer. PartnerRe offers a wide range of non-life and life reinsurance products, and works with insurance companies all over the world. Covéa is also present in the reinsurance market via Covéa Coopérations.

Founded in 1993, PartnerRe is one of the world’s largest reinsurance companies, benefiting from a renowned brand and extensive technical expertise.

PartnerRe helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions.

PartnerRe provides reinsurance for its clients globally, on either a proportional or non-proportional basis through treaties or facultative reinsurance.

PartnerRe offers a wide range of products and monitors the performance of its operations in three segments: Property & Casualty, Specialty and Life & Health

Non-life reinsurance comprises the Property & Casualty and Specialty segments. Reinsured risks include but are not limited to agriculture, aviation/space, casualty, catastrophe, engineering, as well as financial risk, marine, motor, multiline, US health and property.

In Life & Health reinsurance, PartnerRe writes mortality, morbidity, longevity and financial reinsurance solutions products.

By segment, PartnerRe’s gross earned premiums broke down as follows on an annual basis for 2022:

PartnerRe’s businesses are geographically diversified with premiums written on a worldwide basis. By geographical region, gross earned premiums broke down as follows on an annual basis for 2022:

PartnerRe generates business through brokers and through direct relationships with insurance companies, which accounted for 76% and 24% respectively of gross earned premiums on an annual basis for 2022.

PartnerRe’s principal offices are located in Pembroke, Dublin, Stamford, Toronto, Paris, Singapore and Zurich.

The Group is also present in the reinsurance market via Covéa Coopérations:

• In non-life reinsurance, Covéa Coopérations covers primarily property damage, motor and engineering risks. It has a geographically diversified portfolio with risks in 50 countries. Direct business with ceding insurers accounts for 45% of premiums, compared with 55% via reinsurance brokers;
• In life and health reinsurance, Covéa Coopérations covers primarily health, protection and creditor insurance risks, mainly in France;

As of 2 July 2023, new business and renewals are provided by PartnerRe, and Covéa Coopérations will continue to manage risks underwritten prior to this date.