PartnerRe Announces 5% Jan. Growth

Bermuda’s PartnerRe Ltd. continues to see increasing revenues. Following its good earnings report (See IJ Website Feb.10), the company announced that during the January 2004 renewal season it had bound Non-Life contracts which are expected to generate $2 billion in premiums, a 5 percent increase on a constant dollar basis over premiums generated in the January 2003 renewal season.

“The Company entered the January 1, 2004 renewal season with expiring Non-Life premium of $1.9 billion. PartnerRe non-renewed contracts representing $340 million,” said the announcement. “Increased pricing and larger shares of treaties totaled $170 million of incremental premium on business renewed, and the Company wrote $260 million of new business.”

President and CEO Patrick Thiele commented: “We had a good January 1 renewal in terms of overall growth and profitability. We found the market to be responsibly competitive. Pricing in the longer-tailed lines continued to be strong, while certain shorter-tail and specialty lines showed some decrease in price. Geographically, we had strong growth in the U.S. and more moderate growth in Europe.”

The Company said it expects consolidated net premiums written to reach $3.9 billion in 2004.