PartnerRe Ltd. Provides January 2014 Non-Life Renewal Data

  PartnerRe Ltd. Provides January 2014 Non-Life Renewal Data

Business Wire

PEMBROKE, Bermuda -- January 28, 2014

PartnerRe Ltd. (NYSE:PRE) today announced that during the January 1, 2014
treaty renewal season it expects to write and bind approximately $2.8 billion
of Non-Life treaty premium. On a constant foreign exchange basis, this
represents an increase of 3% from the renewable premium base. The renewal
premium includes U.S. agriculture, as it is at a more advanced stage of
completion than in previous years.

The Company renews approximately 65% percent of its total annual Non-Life
treaty business on January 1. The remainder is comprised of treaty business
that renews at other times during the year. In addition to treaty business,
the Company writes approximately $440 million of facultative business which
renews through the year.

PartnerRe President & Chief Executive Officer Costas Miranthis said, “We are
pleased with the outcome of the January 1 renewal. Despite persistent
challenging market conditions, our strong position with clients enabled us to
obtain desired shares in our targeted businesses.”

Mr. Miranthis added, “As expected, the January renewal was very competitive in
most lines and geographies with premium rates, and sometimes terms and
conditions, coming under pressure. In many instances where premiums no longer
provide an adequate return for the risk, we did not renew business. In spite
of this, our overall premium grew slightly due to the fact that contracts
negotiated earlier in 2013, as part of our initiative to grow in diversifying
lines, incepted on January 1.”

The table below outlines PartnerRe’s January 1, 2014 Non-Life treaty renewals.


PartnerRe January 1, 2014 Non-Life Treaty Renewal

(amounts are in U.S. $ millions and are on a constant foreign exchange basis)
                                      Global
             North America          (Non-     Global     Catastrophe  TOTAL
                                      U.S.)      Specialty
                                      P&C
              Non Ag   Agriculture                                 
Renewable     $ 373    $   464       $ 690      $  916      $  244        $ 2,687
In Process
/              3         121       2         44        -          170   
Extensions
Renewable       370         343         688         872         244          2,517
Base
Non-Renewed    (44 )      (1   )     (80 )      (45  )     (28  )      (198  )
Renewed         326         342         608         827         216          2,319
Renewal
Changes/New    115       18        63        97        2          295   
Business
Total
Estimated       441         360         671         924         218          2,614
Premium
In Process
/ Potential    3         84        2         53        -          142   
New
Total         $ 444    $   444      $ 673     $  977     $  218       $ 2,756 
Potential
                                                           
Growth %      19  %     (4   )%   (2  )%    7    %    (11  %)    3     %


Note: The January 1, 2014 Non-Life treaty renewal premium shown in the above
table is not representative of the Company’s gross premium written for the
first quarter of 2014 given most of this renewal business is written on a
proportional basis with risks attaching to these treaties throughout 2014. The
most significant exception to this is the renewal business written in the
Catastrophe sub-segment, which is predominantly written on a non-proportional
basis.

PartnerRe is scheduled to release fourth quarter and full year 2013 results
after the close of trading on Monday, February 3, 2014. PartnerRe Management
will conduct a conference call and webcast on Tuesday, February 4, 2014 at
10:00 a.m. Eastern to discuss results and provide additional information on
the January 1, 2014 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, mortality, longevity, accident and
health, and alternative risk products. For the year ended December 31, 2012,
total revenues were $5.6 billion. At September 30, 2013, total assets were
$23.1 billion, total capital was $7.4 billion and total shareholders’ equity
attributable to PartnerRe was $6.6 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.

Contact:

PartnerRe Ltd.
Investors: Robin Sidders
Media: Celia Powell
441-292-0888
or
Sard Verbinnen & Co
Drew Brown/Daniel Goldstein
212-687-8080
 
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