PartnerRe Ltd. reports a second quarter loss of $174 million asthe combination of catastrophe losses, restructuring charge and adrop in investments took a toll on earnings.

The Pembroke, Bermuda—based reinsurance company PartnerRe secondquarter revenue dropped 19 percent to $1.04 billion in the quarterdespite net written premiums increasing 15 percent to $1.3billion.

For the first six months of the year, net income dropped 89percent to $60 million as revenues decreased 11 percent to $2.34billion. Net written premiums during the period rose 13 percent to$2.95 billion.

The second quarter combined ratio stood at 97.8, which includes11.7 points from $112 million in losses due to European andCanadian floods.

Results include $127 million of favorable prior year developmentadding 13 points to the combined ratio.

PartnerRe incurred an operating expense charge of $43 millionrelated to restructuring of the company's business support andGlobal non-life operations.

Net investment income suffered, down 19 percent in Q2 to $125million and off 18 percent to $248 million for the first six monthsof this year.

PartnerRe President and CEO Costas Miranthis says despite thequarter's challenges it still managed an operating profit of morethan $51 million.

Greenlight Re

Greenlight Capital Re reports Q2 net income of $28.5 millionafter reporting a loss the previous year.

Reversing its previous year loss, Greenlight Re reports Q2 netincome of $28.5 million compared to a net loss of $36 million forthe same period last year. Revenues in the quarter increased 68percent to $157 million.

Net income over the first six months of this year is up $56million to more than $85 million. The combined ratio for the periodimproved 2.5 points to 98.3. The company did not issue combinedratio for the quarter.

Greenlight CEO Bart Hedges says the company is pleased with itsperformance from both its underwriting and investment operationsfor the quarter, while acknowledging the reinsurance environment isin a competitive period.