PartnerRe Ltd. (NYSE: 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|
|In Process / Extensions||2||1||40||2||45|
|Renewal Changes/New Business||58||145||114||17||334|
|Total Estimated Premium||369||644||770||245||2,028|
|In Process / Potential New||2||2||43||1||48|
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 Internet: www.partnerre.com 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.