Bermuda-based reinsurer Partner Re posted net income of $116.9 million during the third quarter, compared to net losses during the same period last year of $27.9 million.

The company, which said it is on target to meet its projections of $3.6 billion in net written premiums this year, also reported that it had broken a number of records during the quarter. Records were set in several areas including on the book value of its shares, revenue, cash flow and its level of shareholder equity (see separate chart).

Partner Re reported operating earnings of $94.7 million during the third quarter, with those earnings excluding net realised investment gains or losses and as calculated after payment of preferred dividends.

The third quarter's operating gain compared to losses of $28.2 million during the same quarter in 2002.

CEO Patrick Thiele said the company continued “to perform exceptionally well and to date, 2003 has been a very good year.

“Our results clearly demonstrate the strength of our financial and technical capabilities, specifically in relation to our broadly diversified book of business and the access and opportunities that we are seeing in the marketplace.” Mr. Thiele continued: “The plan that we set at the beginning of each year assumes normalised large loss loads.

During 2003, and in particular during the third quarter, we have benefited from an unusually low level of large losses, despite a frequency of events.

“As a result, we expect that, barring an unusually large loss event in the fourth quarter, we will comfortably exceed our plan for 2003 of 30 percent premium growth, a 17 percent operating return on equity (ROE) and a minimum $5.70 in operating earnings per share.”

Looking at the company's results along lines of business, Mr. Thiele added: “We had another exceptional quarter, with continued strong premium and book value growth, and an annualised operating return on equity of 21 percent for the quarter and 19 percent year-to-date.

“Growth in net written premiums during the quarter were greater than anticipated, representing a 30 percent increase over the third quarter of 2002.

“While 5 percent of the premium growth achieved during the third quarter is directly attributable to continued weakness in the US dollar, we nevertheless continue to benefit from excellent opportunities in those areas which we believe will provide superior returns.”

Partner Re also declared a quarterly dividend to common shareholders as of November 21, of 31 cents per share. The dividend is payable on December 1.