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PartnerRe Announces 2004 Plan
presenting at The Bermuda Angle 12th Annual Conference at the Boca Raton Resort & Club in Boca Raton, Florida.
During the presentation, which takes place at 10 a.m. Eastern today, Management will provide details of the Company's 2004 plan, which was recently approved by the Company's Board of Directors.
PartnerRe Ltd. President and CEO Patrick Thiele said, "Our plan is based upon pricing loss ratios that assume a normalized loss experience, and barring unusual large loss events, the Company expects to achieve an operating return on equity of approximately 17% and operating earnings per share of at least $6.90. The Company also expects to grow net written premiums to at least $3.9 billion, and achieve a Non-Life combined ratio of between 92-95%.
"We expect the market to provide attractive opportunities in 2004 and PartnerRe is in an excellent position to capitalize on those opportunities," Mr. Thiele said. "We are confident that given our financial strength, people, diversified global book of business and direct and broker distribution capabilities, we will be able to achieve our plan for 2004."
The Bermuda Angle presentation, which will be made by Mr. Thiele and EVP and Chief Financial Officer Albert Benchimol, will be webcast live and will be accessible The Bermuda Angle website at www.bermudatriangle.com. It will also be accessible on PartnerRe's website www.partnerre.com on the presentations page of the Investor Information section. The presentation will be accessible until December 16, 2003.
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The Company uses operating earnings, diluted operating earnings per share and operating return on beginning equity to measure performance, as these measures focus on the underlying fundamentals of our operations without the influence of realized gains and losses from the sale of investments, which is driven by the timing of the disposition of investments and not by our operating performance. For planning purposes, the Company does notanticipate realized investment gains or losses. The Company also uses combined ratio as a measure of underwriting performance. This metric excludes realized investment gains or losses. All references to per share amounts in this press release are on the basis of fully diluted shares.
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PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering/energy, marine, special risks, other lines, life/annuity and health. At year-end 2002, total revenues were $2.7 billion. As of September 30, 2003, total assets were $10.7 billion, total capitalization was $3.1 billion and total shareholders' equity was $2.5 billion.
PartnerRe on the Internet: www.partnerre.com
Forward-looking statements contained in this press release are based on the Company's assumptions and expectations concerning future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe's forward- looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe or other large losses, adequacy of reserves, risks associated with implementing business strategies, levels and pricing of new and renewal business achieved, credit, interest, currency and other risks associated with the Company's investment
portfolio and other factors identified in the Company's filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company disclaims any obligation to publicly update or revise any forward-looking information or statements.
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Contacts:
PartnerRe Ltd.
(441) 292-0888
Investor Contact: Robin Sidders, Investor Relations
Media Contact: Celia Powell, Corporate Communications
Citigate Sard Verbinnen
(212) 687-8080
Jim Barron/Hallie Bozzi