PartnerRe Posts 3rd Quarter Gains

November 7, 2000

With this year’s hurricane season nearly over, Bermuda based PartnerRe Ltd. added to the good news with its 3rd quarter earnings report, showing good gains with operating earnings up 24 percent from $40.7 million to $53.6 million for the period.

in addition “Net income for the nine months ended September 30, 2000 was $125.7 million, or $2.19 per share, compared to $105.0 million, or $1.68 per share, for the nine months of 1999,” said the announcement.

The report noted that results were affected by this year’s sale of PartnerRe Life, but said it didn’t expect this “to have an impact on the Company’s future earnings.”

Retiring President and CEO Herbert N. Haag noted that “For the first time in the last three years, the third quarter did not witness any major catastrophes.” He reiterated, however, that the reinsurance industry still needed to improve pricing and obtain better underwriting results.

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