Competitive global markets have been cited as the reason behind a nine percent decline in PartnerRe?s expected premiums from non-life contracts renewed in January of this year.

The Bermuda-based reinsurance company entered the renewal season with expiring non-life premiums of $2.2 billion, but it only expects the January, 2005 contracts to generate $2 billion in premiums. PartnerRe?s non-renewed contracts total $385 million.

January 1 renewals account for approximately 60 percent of the company?s total annual non-life business.

With life and alternative risk transfer operations included, PartnerRe expects total consolidated net written premiums to be unchanged or down five percent in 2005 when compared to the year prior. PartnerRe president and chief executive officer Patrick Thiele the January 1 non-life renewal was in line with earlier expectations.

He said: ?We found the global markets to be somewhat more competitive than expected, but the US remained at reasonable profitability levels in the majority of lines. While our financial strength and franchise allowed us to gain a fair amount of new business, approximately 17 percent of our renewable base was non-renewed as a result of cedants increasing their retention levels or our choosing to withdraw our support where terms and conditions did not meet our standards.?

The net impact of changes in pricing an shares of treaties totalled $19 million of incremental premium on business renewed, and the company wrote $172 of new business.