PartnerRe Ltd. Provides January 2013 Non-Life Renewal Data

PartnerRe Ltd. Provides January 2013 Non-Life Renewal Data

PEMBROKE, Bermuda--(BUSINESS WIRE)-- PartnerRe Ltd. (NYS: PRE) today announced that during the January 1, 2013 treaty renewal season it expects to write and bind approximately $2.0 billion of Non-Life treaty premium. On a constant foreign exchange basis, this represents an increase of 12% from the renewable premium base. The Company renews approximately 60% percent of its total annual Non-Life treaty business on January 1.

The renewal data does not include U.S. agriculture premium which renews later in the first quarter of 2013. The Company expects to write approximately $400 million of U.S. agriculture premium, including MPCI and crop hail, although the ultimate amount may vary significantly from this initial estimate. The 2012 U.S. agriculture portfolio was approximately $220 million.

The renewal numbers relate to reinsurance treaty business only. In addition to treaty reinsurance, the Company writes facultative business. Renewal dates for facultative are more evenly distributed during the year than renewal dates for treaty business. During 2013, the Company expects to write approximately $390 million of facultative business.

PartnerRe President & Chief Executive Officer Costas Miranthis said, "We are very pleased with the outcome of the January 1 renewal. Against a background of generally improving primary insurance and largely stable reinsurance terms, PartnerRe's strong global franchise, long-term relationships, and technical capabilities served us well. We were able to grow our participations with a number of existing clients, add a number of new relationships, all while maintaining the same overall risk appetite."

Mr. Miranthis added, "The success of the January 1 Non-life portfolio renewal, in addition to the recent acquisition of the Presidio specialty accident and health underwriting platform, provides us with a very strong foundation to execute our strategy in 2013 and beyond."

The table below outlines PartnerRe's January 1, 2013 Non-Life treaty renewals.

PartnerRe January 1, 2013 Non-Life Treaty Renewal

(amounts are in U.S. $ millions and are on a constant foreign exchange basis)

  North  Global (Non-  Global (Non-U.S.)  Catastrophe  PartnerRe
America  U.S.) P&C  Specialty      
In Process / Extensions 2  1  40  2  45 
Renewable Base3325496782521,811
Non-Renewed (21) 












Renewal Changes/New Business 58  145  114  17  334 
Total Estimated Premium3696447702452,028
In Process / Potential New 2  2  43  1  48 
Total Potential$371 $646 $813 $246 $2,076 
Growth %   11%   17%   13%   




PartnerRe is scheduled to release fourth quarter and full year 2012 results after the close of trading on Wednesday, February 6, 2013. PartnerRe Management will conduct a conference call and webcast on Thursday, February 7, 2013 at 10:00 a.m. Eastern to discuss results and provide additional information on the January 1, 2013 renewals.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines in its Non-life operations, mortality, longevity and accident and health in its Life operations, and alternative risk products. For the year ended December 31, 2011, total revenues were $5.4 billion. At September 30, 2012, total assets were $23.6 billion, total capital was $7.9 billion and total shareholders' equity was $7.1 billion.

PartnerRe on the

Forward-looking statements contained in this press release are based on the Company's assumptions and expectations concerning future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe's forward-looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe, or other large property and casualty losses, credit, interest, currency and other risks associated with the Company's investment portfolio, adequacy of reserves, levels and pricing of new and renewal business achieved, changes in accounting policies, risks associated with implementing business strategies, and other factors identified in the Company's filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company disclaims any obligation to publicly update or revise any forward-looking information or statements.

PartnerRe Ltd.
Investors: Robin Sidders
Media: Celia Powell
Sard Verbinnen & Co
Drew Brown/Daniel Goldstein

KEYWORDS:   Bermuda  Caribbean


The article PartnerRe Ltd. Provides January 2013 Non-Life Renewal Data originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story