PartnerRe Releases Preliminary Q3, 9-Month Financial Figures
Bermuda-based PartnerRe Ltd. has released its preliminary estimates of Non-Life combined ratios and shareholders’ equity for the three and nine months ending September 30, 2008.
The Company estimated its Non-Life combined ratio to be approximately 95 to 96 percent for the three months ended September 30, 2008 and 91 to 92 percent for the nine months ended September 30, 2008.
Shareholders’ equity is estimated at approximately $4.0-$4.1 billion at September 30, 2008 and common shareholders’ equity is estimated in the range of $3.5-$3.6 billion.
President & CEO Patrick Thiele explained: “In advance of the start of the January 2009 renewal season, we are releasing these numbers early to demonstrate that our integrated approach to risk management has worked in the most tumultuous period in recent times.
“Despite being impacted by one of the worst hurricanes in history, we were able to maintain underwriting profitability in the quarter and year-to-date. And despite the dramatic decline of the global stock markets, the collapse of a number of major financial institutions, extreme volatility in foreign exchange rates, and a significant increase in credit spreads which lead to ‘mark to market’ declines in our fixed income investment holdings, our capital and reserve positions remain on a par with levels at September 30, 2007, even after share repurchases and dividends.
“With this financial strength and stability in hand, we are prepared to offer continuity of capacity to our clients — assuming appropriate risk-adjusted rates and terms and conditions — as they deal with this new, more risky environment,” Mr. Thiele said. “PartnerRe has the risk appetite and the capital to respond to the likely increasing demand for reinsurance.”
PartnerRe Ltd. expects to release its third quarter results following the market close on October 22, 2008 with a subsequent dial-in analyst conference call on October 23, 2008 at 10 a.m. Eastern.
Source: PartnerRe Ltd. – http:///www.partnerre.com