PartnerRe Ltd. provides reinsurance on a worldwide basis. The company is a subsidiary of EXOR Nederland N.V.
The company operates through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd. (PartnerRe Bermuda), Partner Reinsurance Europe SE (PartnerRe Europe), Partner Reinsurance Company of the U.S. (PartnerRe U.S.), and Partner Reinsurance Asia Pte. Ltd. (PartnerRe Asia).
The company provides reinsurance of risks to ceding companies (cedants or reinsureds). Ris...
PartnerRe Ltd. provides reinsurance on a worldwide basis. The company is a subsidiary of EXOR Nederland N.V.
The company operates through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd. (PartnerRe Bermuda), Partner Reinsurance Europe SE (PartnerRe Europe), Partner Reinsurance Company of the U.S. (PartnerRe U.S.), and Partner Reinsurance Asia Pte. Ltd. (PartnerRe Asia).
The company provides reinsurance of risks to ceding companies (cedants or reinsureds). Risks reinsured include, but are not limited to, agriculture, aviation/space, casualty, catastrophe, energy, engineering, financial risks, marine, motor, multiline, the U.S. health and property, as well as mortality, morbidity, longevity, accident and health and alternative risk products.
The company’s alternative risk products include weather and credit protection to financial, industrial and service companies on a worldwide basis.
The company monitors the performance of its operations in three worldwide business units consisted of Property & Casualty (P&C), Specialty, and Life and Health, which represent its segments. The P&C segment is consisted of property and casualty business underwritten, including property catastrophe, facultative risks and the U.S. health. The Specialty segment is consisted of specialty business, including treaty and facultative contracts. The combined business included in the P&C and Specialty segments is collectively referred as Non-life business. The company’s Life and Health segment includes mortality, morbidity, and longevity business.
Distribution Channels
The company generates business through brokers and through direct relationships with insurance companies.
Regulation
The Insurance Act regulates the businesses of the company’s Bermuda reinsurance subsidiaries, consisted of PartnerRe Bermuda, a Class 4 insurer and Class E insurer; and PRE Life Bermuda Re Ltd. and Partner Reinsurance Life Company of Bermuda Ltd., each a Class C insurer. Partner Reinsurance Life Company of Bermuda Ltd. was merged into PartnerRe Bermuda on February 15, 2022.
PartnerRe Bermuda is licensed as a Class 4 and Class E insurer in Bermuda and is therefore authorized to carry on general business and long-term insurance business.
The Central Bank of Ireland (the Central Bank) regulates insurance and reinsurance companies authorized in Ireland, including Partner Reinsurance Europe SE (PartnerRe Europe) and PartnerRe Ireland Insurance dac (PartnerRe Ireland). PartnerRe Holdings Europe Limited, a holding company for PartnerRe Europe and PartnerRe Ireland, and PartnerRe Ireland Finance DAC are not subject to regulation by the Central Bank. PartnerRe Europe is a reinsurance company incorporated under the laws of Ireland and is duly authorized as a reinsurance undertaking to carry on reinsurance business in accordance with the European Union (Insurance and Reinsurance) Regulations 2015. PartnerRe Ireland is an insurance company incorporated under the laws of Ireland and is authorized as an insurance undertaking to carry on non-life insurance business in accordance with the European Union (Insurance and Reinsurance) Regulations 2015.
PartnerRe Europe and PartnerRe Ireland must file and submit annual audited financial statements and related reports to the Irish Companies Registration Office (CRO) in accordance with International Financial Reporting Standards, together with an annual return of certain corporate information in accordance with the Companies Act 2014.
PartnerRe Ireland has an operating branch in the U.K. that is subject to local regulation under the U.K. Temporary Permission Regime.
PartnerRe U.S. Corporation is a Delaware domiciled holding company for its wholly-owned (re)insurance subsidiaries, PartnerRe U.S. and PartnerRe America Insurance Company (PRAIC) (PartnerRe U.S. and PRAIC together being the PartnerRe U.S. Insurance Companies). The PartnerRe U.S. Insurance Companies are subject to regulation under the insurance statutes and regulations of their domiciliary states (New York in the case of PartnerRe U.S. and Delaware in the case of PRAIC, and all states where they are licensed, accredited approved to underwrite insurance and reinsurance or commercially domiciled).
The company also, through its 100% owned subsidiary, PartnerRe U.S. Corporation, owns 100% of PartnerRe Life Reinsurance Company of America (PLRA), a life reinsurance company, which is subject to regulation under the insurance statutes and regulations of Arkansas, its state of domicile, and all states where PLRA is licensed, accredited or approved to underwrite reinsurance.
PartnerRe Bermuda and PartnerRe U.S. maintain sufficient assets, vested in trust at a Canadian financial institution, approved by the Office of the Superintendent of Financial Institutions (OSFI), to allow their branches to meet minimum statutory solvency requirements as required by the Act, the regulations made under the Act and applicable guidelines issued by OSFI.
PartnerRe Life Reinsurance Company of Canada (PartnerRe Canada) is required to maintain capital in Canada in a custodial account to meet minimum statutory solvency requirements as required by the Canadian Insurance Act, its regulations and applicable guidelines issued by OSFI. Certain statutory information is filed with OSFI in respect of the life business written by PartnerRe Canada.
The Monetary Authority of Singapore (MAS) regulates insurance and reinsurance companies authorized in Singapore, including PartnerRe Asia.
PartnerRe Asia must file and submit annual audited financial statements in accordance with Singapore Financial Reporting Standards and related reports to the Accounting and Corporate Regulatory Authority (ACRA) together with an annual return of certain core corporate information.
Competition
The company competes with a number of worldwide reinsurance companies, including, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (Munich Re); Swiss Re Ltd. (Swiss Re); Hannover Rück SE (Hannover Re); SCOR SE; Transatlantic Reinsurance Company Inc. (Transatlantic); General Reinsurance Corporation (GenRe); Reinsurance Group of America, Incorporated (RGA); Everest Re Group, Ltd. (Everest Re); and RenaissanceRe Holdings Ltd. (RenRe).
History
PartnerRe Ltd. was founded in 1993. The company was incorporated in Bermuda in 1993.
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