PartnerRe has reported a 22% fall in first-quarter profit, despite favourable reserve development and no major catastrophes.

The Bermuda-based reinsurer – subject of both a takeover bid and a merger offer – recorded a profit of $US231.73 million ($290.02 million).

Gross written premium fell 6.5% to $US1.75 billion ($2.19 billion) and the combined operating ratio improved to 82.8%, compared with 83.9% in the corresponding quarter last year.

CEO David Zwiener says there was “continued pressure across all reinsurance lines”.

Non-life net written premium fell 8% due to cancellations and non-renewals in North America.

In January, PartnerRe and Axis Capital announced a merger, but last month Italian investment company Exor made a cash takeover bid that values the reinsurer at $US6.4 billion ($8 billion).

PartnerRe has so far refused to comment on the counter-offer.