PartnerRe said when the smoke clears around January's renewals it expects to have written $2.5bn of non-life treaty premium – a 5% decrease on its renewable premium base.
The reinsurer renews roughly 65% of its total annual non-life treaty business at the January renewals.
As well as treaty business, the company writes about $400m of facultative business which it renews throughout the year.
Emmanuel Clarke, PartnerRe's president (pictured), said: “As we expected, the January 1 renewal was characterised by further erosion of prices and terms, driven by an oversupply of capital.
“Given these persistent challenging operating conditions, we approached the renewal expecting a reduction in volume and capital deployed.
“The strength of the PartnerRe franchise resulted in us renewing a high-quality portfolio, in some cases at superior market terms, and finding additional pockets of attractive new business.”
The company saw a decrease in premium growth across its catastrophe, global speciality, US non-agriculture and global non-US property and casualty business lines.