PartnerRe profit drops 32% reflecting Matthew loss

PartnerRe profit fell in the fourth quarter on losses from
Hurricane Matthew and lower additions from favourable prior-year
reserve development, the Bermuda-based Exor unit said today in a
regulatory filing.
Matthew losses totalled $45mn and added 4.6 points to the
combined ratio, which deteriorated to 89.6 percent from 86.5
percent in the year-earlier period, the company said. PartnerRe
also said mid-size loss activity was lower in the most-recent
quarter.
Operating profit slid to $125mn in the