PartnerRe Ltd. Reports First Quarter 2014 Results

  PartnerRe Ltd. Reports First Quarter 2014 Results

  *First Quarter Operating Earnings per share of $3.36; Net Income per share
    of $5.61
  *First Quarter Annualized Operating ROE of 12.3%; Annualized Net Income ROE
    of 20.5%
  *Book Value of $114.13 per share, up 4.5% for the quarter
  *Tangible Book Value of $103.10 per share, up 4.7% for the quarter

Business Wire

PEMBROKE, Bermuda -- April 28, 2014

PartnerRe Ltd. (NYSE: PRE) today reported a net income of $295.7 million, or
$5.61 per share for the first quarter of 2014. This includes net after-tax
realized and unrealized gains on investments of $115.8 million, or $2.20 per
share. Net income for the first quarter of 2013 was $210.5 million, or $3.53
per share, including net after-tax realized and unrealized gains on
investments of $12.3 million, or $0.20 per share. The Company reported
operating earnings of $176.9 million, or $3.36 per share, for the first
quarter of 2014. This compares to operating earnings of $202.1 million, or
$3.39 per share, for the first quarter of 2013.

Operating earnings or loss excludes certain net after-tax realized and
unrealized investment gains and losses, net after-tax foreign exchange gains
and losses, certain net after-tax interest in results of equity method
investments and the loss on redemption of preferred shares, and is calculated
after the payment of preferred dividends. All references to per share amounts
in the text of this press release are on a fully diluted basis.

Commenting on results, PartnerRe President & Chief Executive Officer Costas
Miranthis said, “I am pleased to report a strong start to 2014, with first
quarter results reflecting solid underwriting performance and improved
financial markets. On a dividend adjusted basis, we grew tangible book value
per share by 5.4%. We are beginning to see the effect of our efforts to
profitably diversify our portfolio into new lines such as health and mortgage
business. I am confident that our ability to find new, attractive businesses
coupled with our excellent franchise, strong client relationships and superior
balance sheet position us to compete effectively in an otherwise challenging
operating environment.”

Highlights for the first quarter of 2014 compared to the same period in 2013
include:

Results of operations:

  *Net premiums written of $1.7 billion were up 6%. The increase was driven
    by the North America and Global Specialty Non-life sub-segments, and the
    Life and Health segment. The increase was primarily driven by the
    agriculture and credit/surety lines of business in the North America
    Non-life sub-segment, the multi-line and agriculture lines of business in
    the Global Specialty Non-life sub-segment and PartnerRe Health’s accident
    and health line of business in the Life and Health segment. These
    increases were partially offset by decreases in the Catastrophe and Global
    (Non-U.S.) P&C Non-life sub-segments.
  *Net premiums earned of $1.3 billion were up 9%, or 10% on a constant
    foreign exchange basis. The increase was primarily driven by the earning
    of new business written in 2013 in the North America, Global (Non-U.S.)
    P&C and Global Specialty Non-life sub-segments and the Life and Health
    segment.
  *The Non-life combined ratio was 83.9%. The combined ratio benefited from
    favorable prior year development of 16.6 points (or $164 million). All
    Non-life sub-segments experienced net favorable development on prior
    accident years during the first quarter of 2014.
  *Net investment income of $117 million was down 6%. The decrease in net
    investment income primarily reflects lower reinvestment rates.
  *Pre-tax net realized and unrealized investment gains were $142 million
    primarily reflecting decreases in longer-term risk-free interest rates and
    narrowing credit spreads.
  *The effective tax rate on operating earnings and non-operating earnings
    was 14% and 20%, respectively.

Balance sheet and capitalization:

  *Total investments, cash and funds held – directly managed were $17.5
    billion at March 31, 2014, comparable to December 31, 2013.
  *Net Non-life loss and loss expense reserves were $10.3 billion at March
    31, 2014, down 1% compared to December 31, 2013.
  *Net policy benefits for life and annuity contracts were $2.1 billion at
    March 31, 2014, up 7% compared to December 31, 2013.
  *Total capital was $7.6 billion at March 31, 2014, up 1% compared to
    December 31, 2013 primarily driven by net income for the quarter, which
    was partially offset by share repurchases and common and preferred
    dividend payments.
  *The Company repurchased approximately 1.8 million common shares at a total
    cost of approximately $180 million during the first quarter of 2014. The
    average repurchase price of $99.76 per share represents an 8.7% discount
    to diluted book value per share at December 31, 2013. Since April 1, 2014,
    the Company has repurchased 450 thousand common shares at a total cost of
    approximately $46 million. As of April 28, 2014, approximately 2.7 million
    common shares remained under the current repurchase authorization.
  *Total shareholders’ equity attributable to PartnerRe was $6.8 billion at
    March 31, 2014, up 1% compared to December 31, 2013. The increase was
    driven by the factors described above for total capital.
  *Book value per common share was $114.13 at March 31, 2014, a record high
    for PartnerRe, up 4.5% compared to $109.26 at December 31, 2013. Tangible
    book value per common share was $103.10 at March 31, 2014, up 4.7%
    compared to $98.49 at December 31, 2013. The increases were primarily
    driven by net income, which was partially offset by common and preferred
    dividend payments.

Segment and sub-segment highlights for the first quarter of 2014 compared to
the same period in 2013 include:

Non-life:

  *The Non-life segment’s net premiums written were up 5%. The increase was
    reported in the North America and Global Specialty sub-segments and was
    partially offset by decreases in the Catastrophe and Global (Non-U.S.) P&C
    sub-segments.
  *The North America sub-segment’s net premiums written were up 18%, or 19%
    on a constant foreign exchange basis, primarily driven by the
    restructuring of a significant treaty and new business in the agriculture
    line of business and new mortgage guaranty business in the credit/surety
    line of business. This sub-segment reported a technical ratio of 92.9%,
    which included 6.5 points (or $24 million) of net favorable prior year
    loss development.
  *The Global (Non-U.S.) P&C sub-segment’s net premiums written were down 2%,
    or 3% on a constant foreign exchange basis, primarily due to increased
    retentions, share decreases and cancellations in the property line of
    business, partially offset by new business written in the motor line of
    business. This sub-segment reported a technical ratio of 82.5%, which
    included 26.0 points (or $47 million) of net favorable prior year loss
    development.
  *The Global Specialty sub-segment’s net premiums written were up 8%
    primarily due to new business and renewal increases in the multi-line line
    of business and new business and upward premium adjustments in the
    agriculture line of business. These increases were partially offset by
    decreases in net premiums written in most of the other lines of business,
    predominantly due to increased retentions and cancellations. This
    sub-segment reported a technical ratio of 79.0%, which included 16.7
    points (or $59 million) of net favorable prior year loss development.
  *The Catastrophe sub-segment’s net premiums written were down 15%, or 14%
    on a constant foreign exchange basis, primarily driven by cancellations,
    non-renewals and the restructuring of certain treaties, which was,
    partially offset by new business. This sub-segment reported a favorable
    technical ratio of (16.4)%, which included 43.0 points (or $34 million) of
    net favorable prior year loss development.

Life and Health:

  *The Life and Health segment’s net premiums written were up 13%, or 12% on
    a constant foreign exchange basis. The increase was primarily driven by
    PartnerRe Health’s accident and health line of business and, to a lesser
    extent, the mortality and longevity lines of business.
  *The Life and Health segment’s allocated underwriting result, which
    includes allocated investment income and operating expenses, decreased to
    $14 million compared to $16 million in the same period of 2013 primarily
    due to a modestly lower level of net favorable prior year loss
    development.

Corporate and Other:

  *Investment and capital markets activities contributed income of $247
    million to pre-tax net income, excluding investment income allocated to
    the Life and Health segment. Of this amount, income of $99 million was
    included in pre-tax operating earnings and income of $148 million related
    to net realized and unrealized gains on investments and earnings from
    equity method investee companies was included in pre-tax non-operating
    earnings.

Separately, as announced by the Company earlier today, the Board of Directors
declared a quarterly dividend of $0.67 per common share. The dividend will be
payable on May 30, 2014 to common shareholders of record on May 19, 2014.

The Company has posted its first quarter 2014 financial supplement on its
website www.partnerre.com in the Investor Relations section on the Financial
Reports page under Supplementary Financial Data, which includes a
reconciliation of GAAP and non-GAAP measures.

The Company will hold a dial-in conference call and question and answer
session with investors at 10 a.m. Eastern tomorrow, April 29.  Investors and
analysts are encouraged to call in 15 minutes prior to the commencement of the
call. The conference call can be accessed by dialing (800)-723-6604 or, from
outside the United States, by dialing (785)-830-7977. The media are invited to
listen to the call live over the Internet on the Investor Relations section of
PartnerRe’s web site, www.partnerre.com. To listen to the webcast, please log
on to the broadcast at least five minutes prior to the start.

                  _________________________________________

Net income/loss per share is defined as net income/loss attributable to
PartnerRe common shareholders divided by the weighted average number of fully
diluted shares outstanding for the period. Net income/loss attributable to
PartnerRe common shareholders is defined as net income/loss attributable to
PartnerRe less preferred dividends and loss on redemption of preferred shares.

Operating earnings/loss is defined as net income/loss available to PartnerRe
common shareholders excluding certain after-tax net realized and unrealized
gains/losses on investments, after-tax net foreign exchange gains/losses, the
loss on redemption of preferred shares and certain after-tax interest in
earnings/losses of equity method investments. Operating earnings/loss per
share is defined as operating earnings/loss divided by the weighted average
number of fully diluted shares outstanding for the period.

The Company uses operating earnings, diluted operating earnings per share and
annualized operating return on beginning diluted book value per common and
common share equivalents outstanding  to measure performance, as these
measures focus on the underlying fundamentals of our operations without the
impact of after-tax net realized and unrealized gains/losses on investments
(except where the Company has made a strategic investment in an insurance or
reinsurance related investee), after-tax net foreign exchange gains/losses,
and the after-tax interest in earnings/losses of equity method investments
(except where the Company has made a strategic investment in an insurance or
reinsurance related investee and where the Company does not control the
investees activities).

The Company uses technical ratio and technical result as measures of
underwriting performance. The technical ratio is defined as the sum of the
loss and acquisition ratios. These metrics exclude other operating expenses.

The Company also uses combined ratio to measure results for the Non-life
segment. The combined ratio is the sum of the technical and other operating
expense ratios.

The Company uses allocated underwriting result as a measure of underwriting
performance for its Life and Health operations. This metric is defined as net
premiums earned, other income or loss and allocated net investment income less
life policy benefits, acquisition costs and other operating expenses.

The Company uses total capital, which is defined as total shareholders’ equity
attributable to PartnerRe, long-term debt, senior notes and CENts, to manage
the capital structure of the Company.

The Company calculates Tangible Book Value using common shareholders’ equity
attributable to PartnerRe less goodwill and intangible assets, net of tax. The
Company calculates Diluted Tangible Book Value per Common Share using Tangible
Book Value divided by the weighted average number of PartnerRe common shares
and common share equivalents outstanding. The Company uses these measures as
the basis for its prime measure of long-term financial performance (annualized
growth in Diluted Tangible Book Value per Common Share plus dividends).

                _____________________________________________

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 and Health operations, and
alternative risk products. For the year ended December 31, 2013, total
revenues were $5.5 billion. At March 31, 2014, total assets were $23.5
billion, total capital was $7.6 billion and total shareholders’ equity
attributable to PartnerRe was $6.8 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.


PartnerRe Ltd.
Consolidated Statements of Operations and Comprehensive Income
(Expressed in thousands of U.S. dollars, except share and per share data)
(Unaudited)
                                                         
                                             For the three      For the three
                                             months ended       months ended
                                             March 31,          March 31,
                                             2014               2013
                                                                  
Revenues
      Gross premiums written                 $ 1,871,740      $ 1,756,886  
                                                                  
      Net premiums written                   $ 1,738,494        $ 1,636,431
      Increase in unearned premiums           (484,712   )     (489,751   )
      Net premiums earned                      1,253,782          1,146,680
      Net investment income                    116,867            123,704
      Net realized and unrealized              142,172            22,943
      investment gains
      Other income                            404             3,927      
      Total revenues                          1,513,225       1,297,254  
                                                                  
Expenses
      Losses and loss expenses and life        749,457            660,952
      policy benefits
      Acquisition costs                        264,608            234,200
      Other operating expenses                 111,462            116,040
      Interest expense                         12,238             12,229
      Amortization of intangible assets        7,002              7,046
      Net foreign exchange gains              (670       )     (2,043     )
      Total expenses                          1,144,097       1,028,424  
                                                                  
Income before taxes and interest in
earnings of equity method                      369,128            268,830
investments
      Income tax expense                       62,305             41,675
      Interest in earnings of equity          6,064           7,215      
      method investments
Net income                                     312,887            234,370
                                                                  
      Net income attributable to              (3,044     )     —          
      noncontrolling interests
Net income attributable to PartnerRe           309,843            234,370
                                                                  
      Preferred dividends                      14,184             14,699
      Loss on redemption of preferred         —               9,135      
      shares
Net income attributable to PartnerRe         $ 295,659        $ 210,536    
common shareholders
                                                                  
Operating earnings attributable to           $ 176,910        $ 202,089    
PartnerRe common shareholders
                                                                  
Comprehensive income attributable to         $ 294,394        $ 215,303    
PartnerRe
                                                                  
Per share data attributable to PartnerRe
common shareholders:
      Earnings per common share:
      Basic operating earnings               $ 3.43             $ 3.46
      Net realized and unrealized              2.24               0.21
      investment gains, net of tax
      Net foreign exchange losses, net of      (0.02      )       (0.01      )
      tax
      Loss on redemption of preferred          —                  (0.16      )
      shares
      Interest in earnings of equity          0.07            0.10       
      method investments, net of tax
      Basic net income                       $ 5.72           $ 3.60       
                                                                  
      Weighted average number of common        51,652,177         58,423,898
      shares outstanding
                                                                  
      Diluted operating earnings             $ 3.36             $ 3.39
      Net realized and unrealized              2.20               0.20
      investment gains, net of tax
      Net foreign exchange losses, net of      (0.02      )       (0.01      )
      tax
      Loss on redemption of preferred          —                  (0.15      )
      shares
      Interest in earnings of equity          0.07            0.10       
      method investments, net of tax
      Diluted net income                     $ 5.61           $ 3.53       
                                                                  
      Weighted average number of common
      shares and common share                  52,727,573         59,590,044
      equivalents outstanding
      Dividends declared per common share    $ 0.67             $ 0.64
                                                                             


PartnerRe Ltd.
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars, except per share and parenthetical
share and per share data)
(Unaudited)
                                                          
                                               March 31,        December 31,
Assets                                         2014             2013
                                                                  
     Investments:
     Fixed maturities, at fair value           $ 13,898,401     $ 13,593,303
     Short-term investments, at fair             28,821           13,546
     value
     Equities, at fair value                     1,249,744        1,221,053
     Other invested assets                      302,495        320,981    
     Total investments                           15,479,461       15,148,883
     Funds held – directly managed               764,386          785,768
     Cash and cash equivalents                   1,269,037        1,496,485
     Accrued investment income                   190,169          185,717
     Reinsurance balances receivable             3,064,301        2,465,713
     Reinsurance recoverable on paid and         362,149          308,892
     unpaid losses
     Funds held by reinsured companies           849,256          843,081
     Deferred acquisition costs                  725,584          644,952
     Deposit assets                              112,338          351,905
     Net tax assets                              11,217           14,133
     Goodwill                                    456,380          456,380
     Intangible assets                           180,088          187,090
     Other assets                               53,137         149,296    
Total assets                                   $ 23,517,503    $ 23,038,295 
                                                                  
Liabilities
     Unpaid losses and loss expenses           $ 10,529,717     $ 10,646,318
     Policy benefits for life and                2,118,479        1,974,133
     annuity contracts
     Unearned premiums                           2,299,250        1,723,767
     Other reinsurance balances payable          269,487          202,549
     Deposit liabilities                         92,099           328,588
     Net tax liabilities                         247,503          284,442
     Accounts payable, accrued expenses          299,380          291,350
     and other
     Debt related to senior notes                750,000          750,000
     Debt related to capital efficient          70,989         70,989     
     notes
Total liabilities                               16,676,904     16,272,136 
                                                                  
Shareholders’ Equity
     Common shares (par value $1.00;
     issued: 2014, 86,879,432 shares;            86,879           86,657
     2013,
     86,657,045 shares)
     Preferred shares (par value $1.00;
     issued and outstanding: 2014 and
     2013, 34,150,000 shares;
     aggregate liquidation value: 2014 and       34,150           34,150
     2013, $853,750)
     Additional paid-in capital                  3,907,347        3,901,627
     Accumulated other comprehensive             (27,687    )     (12,238    )
     loss
     Retained earnings                           5,667,868        5,406,797
     Common shares held in treasury, at
     cost (2014, 36,019,611 shares; 2013,      (2,887,629   )    (2,707,461 )
     34,213,611 shares)
Total shareholders’ equity attributable          6,780,928        6,709,532
to PartnerRe
     Noncontrolling interests                   59,671         56,627     
Total shareholders’ equity                       6,840,599        6,766,159
                                                               
Total liabilities and shareholders’            $ 23,517,503    $ 23,038,295 
equity
                                                                  
Diluted Book Value Per Common Share and
Common Share Equivalents                       $ 114.13        $ 109.26     
Outstanding ^ (1) (2)
                                                                  
Diluted Tangible Book Value Per Common
Share and Common Share Equivalents             $ 103.10        $ 98.49      
Outstanding ^(1) (2)
                                                                  
Number of Common Share and Common Share         51,935,217     53,596,034 
Equivalents Outstanding ^(2)
                                                                             

^(1) Excludes the aggregate liquidation value of preferred shares (2014 and
2013, $853,750) and noncontrolling interests (2014, $59,671; 2013, $56,627).

^(2) Common share and common share equivalents outstanding are calculated
using the Treasury Method for all potentially dilutive shares.


PartnerRe Ltd.
Segment Information
(Expressed in millions of U.S. dollars)
(Unaudited)

For the three months ended March 31, 2014
                                                                                                
                          Global                                  Total         Life
             North        (Non-U.S.)  Global                      Non-life      and Health  Corporate
             America      P&C         Specialty    Catastrophe    segment       segment     and Other    Total
                                                                                                           
Gross
premiums     $ 530        $ 364       $ 479        $ 210          $ 1,583       $ 289       $ —          $ 1,872
written
                                                                                                           
Net premiums $ 527        $ 361       $ 389        $ 179          $ 1,456       $ 282       $ —          $ 1,738
written
Increase in
unearned      (148 )     (182 )    (34  )     (100  )      (464  )     (20  )    —         (484  )
premiums
Net premiums $ 379        $ 179       $ 355        $ 79           $ 992         $ 262       $ —          $ 1,254
earned
Losses and
loss
expenses and
life policy    (260 )       (94  )      (201 )       21             (534  )       (215 )      —            (749  )
benefits
Acquisition   (92  )     (54  )    (79  )     (8    )      (233  )     (32  )    —         (265  )
costs
Technical    $ 27         $ 31        $ 75         $ 92           $ 225         $ 15        $ —          $ 240
result
                                                                                                           
Other income                                                        1             1           (2  )        —
Other
operating                                                          (65   )     (17  )    (29 )      (111  )
expenses
Underwriting                                                      $ 161         $ (1   )      n/a        $ 129
result
                                                                                                           
Net
investment                                                                       15       102       117   
income
Allocated
underwriting result                                                             $ 14          n/a          n/a
^(1)
                                                                                                           
Net realized and unrealized                                                                   142          142
investment gains
Interest                                                                                      (12 )        (12   )
expense
Amortization of                                                                               (7  )        (7    )
intangible assets
Net foreign
exchange                                                                                      —            —
gains
Income tax                                                                                    (62 )        (62   )
expense
Interest in earnings of equity                                                               6         6     
method investments
Net income                                                                                   n/a      $ 313   
                                                                                                           
Loss ratio     68.6   %     52.4   %    56.6   %     (26.5 ) %      53.8    %
^(2)
Acquisition    24.3        30.1       22.4        10.1          23.6  
ratio ^(3)
                                                                                                           
Technical      92.9   %     82.5   %    79.0   %     (16.4 ) %      77.4    %
ratio ^(4)
Other operating                                                     6.5   
expense ratio ^(5)
                                                                                                           
Combined                                                            83.9   %
ratio ^(6)
                                                                                                           
For the three months ended March 31, 2013
                                                                                                           
                          Global                                  Total         Life
             North        (Non-U.S.)  Global                      Non-life      and Health  Corporate
             America      P&C         Specialty    Catastrophe    segment       segment     and Other    Total
                                                                                                           
Gross
premiums     $ 447        $ 372       $ 445        $ 238          $ 1,502       $ 254       $ 1          $ 1,757
written
                                                                                                           
Net premiums $ 446        $ 368       $ 361        $ 211          $ 1,386       $ 249       $ 1          $ 1,636
written
Increase in
unearned      (113 )     (202 )    (24  )     (124  )      (463  )     (25  )    (1  )      (489  )
premiums
Net premiums $ 333        $ 166       $ 337        $ 87           $ 923         $ 224       $ —          $ 1,147
earned
Losses and
loss
expenses and
life policy    (240 )       (67  )      (184 )       11             (480  )       (182 )      1            (661  )
benefits
Acquisition   (72  )     (50  )    (75  )     (11   )      (208  )     (27  )    —         (235  )
costs
Technical    $ 21         $ 49        $ 78         $ 87           $ 235         $ 15        $ 1          $ 251
result
                                                                                                           
Other income                                                        —             3           1            4
Other
operating                                                          (66   )     (18  )    (32 )      (116  )
expenses
Underwriting                                                      $ 169         $ —           n/a        $ 139
result
                                                                                                           
Net
investment                                                                       16       108       124   
income
Allocated
underwriting result                                                             $ 16          n/a          n/a
^(1)
                                                                                                           
Net realized and unrealized                                                                   23           23
investment gains
Interest                                                                                      (12 )        (12   )
expense
Amortization of                                                                               (7  )        (7    )
intangible assets
Net foreign
exchange                                                                                      2            2
gains
Income tax                                                                                    (42 )        (42   )
expense
Interest in earnings of equity                                                               7         7     
method investments
Net income                                                                                   n/a      $ 234   
                                                                                                           
Loss ratio     72.0   %     40.4   %    54.6   %     (12.8 ) %      52.0    %
^(2)
Acquisition    21.6        30.1       22.4        12.3          22.6  
ratio ^(3)
                                                                                                           
Technical      93.6   %     70.5   %    77.0   %     (0.5  ) %      74.6    %
ratio ^(4)
Other operating                                                     7.1   
expense ratio ^(5)
                                                                                                           
Combined                                                            81.7   %
ratio ^(6)
                                                                                                           

^(1) Allocated underwriting result is defined as net premiums earned, other
income or loss and allocated net investment income less life policy benefits,
acquisition costs and other operating expenses.

^(2) Loss ratio is obtained by dividing losses and loss expenses by net
premiums earned.

^(3) Acquisition ratio is obtained by dividing acquisition costs by net
premiums earned.

^(4) Technical ratio is defined as the sum of the loss ratio and the
acquisition ratio.

^(5) Other operating expense ratio is obtained by dividing other operating
expenses by net premiums earned.

^(6) Combined ratio is defined as the sum of the technical ratio and the other
operating expense ratio.

Contact:

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