PartnerRe Expects To Grow Premiums In 2004
NU Online News Service, Dec. 3, 4:08 p.m. EST?PartnerRe Ltd., a Bermuda-based catastrophe reinsurer, forecast its net written premiums should grow to more than $3.9 billion next year from around $3.3 billion expected for the full-year 2003.[@@]
Patrick Thiele, chief executive at PartnerRe, said that his company expects some 17 percent operating return on equity, per-share operating earnings of at least $6.90, and a non-life combined ratio of between 92 percent and 95 percent for the coming year.
The company also disclosed some of its business strategies for 2004. The reinsurer said it plans to increase exposure to catastrophe and U.S. casualty in the coming year. "We expect the market to provide attractive opportunities in 2004 and PartnerRe is in an excellent position to capitalize on those opportunities," commented Mr. Thiele.
Other key plans include lowering exposure to selected short-tail specialty lines and maintaining shorter duration in fixed-income portfolio, while raising exposure to common stocks in equity markets which have been performing well this year. The company said maintaining strong loss-reserve adequacy is also one of its goals next year.
PartnerRe, one of several catastrophe reinsurers founded in Bermuda after Hurricane Andrew, offers treaty and facultative reinsurance for various primary coverages, including property-casualty, motor, agriculture, aviation and space, catastrophe, credit and surety, engineering and energy, marine, and special risks. The company, which has subsidiaries in Asia, Europe, South America and the United States, has been expanding both its operations and geographic coverage.
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