Profile: PartnerRe Ltd (PRE_pe.N)
12 Feb 2016
PartnerRe Ltd., incorporated on August 24, 1993, is the holding company engaged in the international reinsurance and insurance business. The Company operates in three segments: Non-life, Life and Health, and Corporate and Other. The Non-life segment’s operations are classified as North America, Global (Non-U.S.) Property and Casualty (Global (Non-U.S.) P&C), Global Specialty and Catastrophe. The Company’s Life and Health segment includes the mortality, longevity and health lines of business written primarily in the United Kingdom, Ireland and France, and accident and health business written in the U.S. Gross premiums written by PartnerRe Health. The Corporate and Other segment is engaged in investment related activities. The Company provides reinsurance and certain specialty insurance services around the world basis through its principal wholly owned subsidiaries, including Partner Reinsurance Company Ltd. (PartnerRe Bermuda), Partner Reinsurance Europe SE (PartnerRe Europe) and Partner Reinsurance Company of the U.S. (PartnerRe U.S.), as well as Partner Reinsurance Asia Pte. Ltd. (PartnerRe Asia). Risks reinsured by the Company include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, mortality, longevity, accident and health, and alternative risk products. The Company also provides alternative risk products for weather and credit protection to financial, industrial and service companies around the world.
The Company provides reinsurance and certain specialty insurance lines for its clients in approximately 150 countries around the world. The Company’s principal offices are located in Hamilton, Bermuda; Dublin, Ireland; Greenwich, the United States; Paris, France; Singapore, and Zurich, Switzerland. Through its subsidiaries and branches, the Company provides reinsurance or insurance of non-life and life risks to ceding companies (primary insurers, cedants or reinsureds). Reinsurance is offered on either a proportional or non-proportional basis through treaties or facultative reinsurance. In addition, the Company provides certain specialty insurance lines of business, which include certain business written in aviation, energy, engineering, marine, specialty casualty, specialty property, health and other lines.
The Non-life segment operates through four sub-segments: North America, Global (Non-U.S.) Property and Casualty (Global (Non-U.S.) P&C), Global Specialty and Catastrophe. The North America sub-segment consists of lines of business that are considered to be short, medium or long-tail. The short-tail lines consist primarily of agriculture, property and motor business. Casualty is considered to be long-tail, while credit/surety and multiline are considered to have a medium tail. The casualty line has a higher loss ratio and a lower technical result due to the long-tail nature of the risks involved. Casualty treaties typically provide for investment income on premiums invested over a longer period as losses are typically paid later than for other lines. The Company’s non-life segment is engaged in the provision of insurance for agriculture, aviation/space, casualty, catastrophe, credit/surety, energy, engineering, marine, motor, multiline, property, specialty casualty and specialty property sectors. The Company reinsures, primarily on a proportional basis, agricultural yield and price/revenue risks related to flood, drought, hail and disease related to crops, livestock and aquaculture. The Company provides specialized reinsurance and insurance protection for airline, general aviation and space business. The reinsurance is provided on both a proportional and non-proportional basis and through facultative arrangements. The space business relates to coverages for satellite assembly, launch, orbit and operation for commercial space programs. The Company’s casualty business includes third party liability, employers’ liability, workers’ compensation and personal accident coverages written on both a proportional and non-proportional basis. The Company provides property catastrophe reinsurance protection, written primarily on a non-proportional basis, against the accumulation of losses caused by windstorm, earthquake, tornado, tropical cyclone, flood or by any other natural hazard that is covered under a comprehensive property policy.
The Company provides credit reinsurance, written primarily on a proportional basis, to mortgage guaranty insurers and commercial credit insurers. The Company’s surety line relates primarily to bonds and other forms of security written by specialized surety insurers, and is written primarily on a proportional basis. The Company provides reinsurance and insurance coverage for the onshore oil and gas industry, mining, power generation and pharmaceutical operations. The Company provides reinsurance and insurance for engineering projects throughout the world. The Company provides reinsurance and insurance protection and technical services relating to marine hull, cargo, transit and offshore oil and gas operations. The Company’s motor business includes reinsurance coverages for third party liability and property damage risks arising from both passenger and commercial fleet automobile coverages written by cedants. The Company’s multiline business provides both property and casualty reinsurance coverages written on both a proportional and non-proportional basis and whole account coverages written on a proportional basis. Property business provides reinsurance coverage to insurers for property damage or business interruption losses resulting from fires, catastrophes and other perils covered in industrial, and commercial property and homeowners’ policies and is written on both a proportional and non-proportional basis. The Company provides specialized reinsurance and insurance protection primarily for non-United States-based casualty business. The Company provides reinsurance and insurance protection. The reinsurance protection is offered on a proportional, non-proportional or facultative basis.
Life and Health Segment
The Company’s Life and Health segment includes the mortality, longevity and health lines of business written primarily in the United Kingdom, Ireland and France, and accident and health business for the Life and Health segment presented by PartnerRe Health. The Life and Health segment line of business include accident and health, longevity and mortality. The Company provides reinsurance coverage to primary life insurers with respect to individual and group health risks. PartnerRe Health writes specialty accident and health business, predominantly in the United States, including Health Maintenance Organizations (HMO) reinsurance, medical reinsurance and provider and employer excess of loss programs. The Company provides reinsurance coverage to employer sponsored pension schemes and primary life insurers who issue annuity contracts offering long-term retirement benefits to consumers, who seek protection against outliving their financial resources. Longevity business is written on a long-term, proportional basis primarily in the United Kingdom. The Company’s longevity portfolio is subdivided into standard and non-standard annuities. The non-standard annuities are annuities sold to consumers with aggravated health conditions and are usually medically underwritten on an individual basis. The Company provides reinsurance coverage to primary life insurers and pension funds to protect against individual and group mortality and disability risks. Mortality business is written primarily on a proportional basis through treaty agreements. Mortality business is subdivided into death and disability covers (with various riders) primarily written in Continental Europe, term assurance and critical illness (TCI) primarily written in the United Kingdom and Ireland, and guaranteed minimum death benefit (GMDB) primarily written in Continental Europe. The Company also writes certain treaties on a non-proportional basis, primarily in France.
Corporate and Other
Corporate and Other segment is comprised of the Company’s investment related activities. Its investment activities include principal finance transactions, insurance-linked securities and strategic investments, and its corporate activities, including other expenses.
The Company competes with Munich Re, Swiss Re, Everest Re Group Ltd., Hannover Re, SCOR SA, ACE, Arch Capital Group Ltd., AXIS and XL Group plc.
Wellesley House South, 90 Pitts
PEMBROKE HM 08