Bermuda-based reinsurer PartnerRe Ltd. announced yesterday it is to sell one of its life subsidiaries based in the United States for an undisclosed sum believed to be worth billions of dollars as it turns its attention to markets outside of America.

PartnerRe is to sell off a large part of its life operations to the insurance giant SCOR Group, but has not yet revealed details of how much it will get in the deal.

Herbert Haag, the president and chief executive officer of the Bermuda reinsurer said: "PartnerRe Group's strategy to develop its life reinsurance operations outside the US is not affected by our decision to sell PartnerRe Life.'' PartnerRe announced it had entered, through its subsidiary Partner Reinsurance Company of the US, into a definitive agreement to sell its wholly-owned US life subsidiary PartnerRe Life Insurance Company of the US to SCOR Group.

The sale includes PartnerRe Life and its subsidiaries RepublicVanguard Life Insurance Company, Investors Insurance Corporation and Investors Marketing Group, Inc.

Mr. Haag said: "Based upon our evaluation of the strategic alternatives regarding the US life reinsurance operations acquired as part of the purchase of Winterthur Re, we concluded that PartnerRe would concentrate its US activities on advancing its non-life initiatives.'' He said that PartnerRe's successful European-based Life Division remained of strategic importance to the group and its expertise in new product development has been significantly strengthened in the past year.

This service will continue to be delivered through its life representatives in Paris, Zurich, Canada and the Far East.

The sale is still subject to regulatory approvals in the United States and is expected to close late in the second quarter of this year and until the deal is signed the terms and cost of the deal will not be made public.

PartnerRe Ltd. is provider of multi-line reinsurance to insurance companies on a worldwide basis through its wholly owned subsidiaries, Partner Reinsurance Company, PartnerRe US and SAFR PartnerRe.

Risks reinsured include property, catastrophe, agriculture, automobile, casualty, marine, aviation /space, credit /surety, technical and miscellaneous lines, life /annuity and health.

PartnerRe CEO Herbert Haag: `Our focus wil be on non-life initiatives.'