Bermuda-based reinsurance group, PartnerRe Ltd., will expand its US reinsurance operations and pump $100 million into its US subsidiary, which is to be now called PartnerRe US.

The company said yesterday that the initiatives to expand the subsidiary signified the importance of the US reinsurance market to PartnerRe's long term strategic goals.

The group plans to enhance the expertise of PartnerRe US in the area of new risk transfer mechanisms and make several management changes.

The US operations were originally a part of French reinsurer SAFR, recently purchased by Partner Re, and subsequently integrated into the group.

The group investment of $100 million into PartnerRe US will bring the subsidiary's capitalisation to more than $230 million.

PartnerRe president and CEO, Herbert N. Haag said, "Expanding PartnerRe's subsidiary in the US -- the world's largest reinsurance market, with a premium volume of $20 billion -- is a logical extension of our strategy to provide cedants and brokers with a meaningful reinsurance alternative in every market.

"We believe there are significant opportunities in the US, both near term -- even in today's highly competitive environment -- and long term, that will not require compromising the underwriting discipline we have maintained since our formation, and we have an excellent platform on which to build.'' Mr. Haag also said, "The focus of our US initiative will not only be on the traditional reinsurance market, but also on becoming a preeminent provider of the most efficient risk financing solutions.

"The way in which risks are financed may change considerably in the future, including the possible convergence of reinsurance and the capital markets.

"We intend to invest in the resources needed to ensure that we continue to be the sought after discussion partner for the risk financing needs of our clients -- present and future.'' Executive vice president and chief financial officer of the group, Scott D.

Moore, has been named president and CEO of PartnerRe US, while remaining a member of the group's executive committee.

Mr. Haag noted that Mr. Moore had been with the company since its inception and had been instrumental in building PartnerRe's strong and successful position in the market. He said, "His financial expertise and comprehensive understanding of PartnerRe group's strategic goals, coupled with 20 years of involvement in the reinsurance business make him the ideal candidate to lead our US initiative.

"Scott's appointment will ensure continuity and close involvement of the PartnerRe group management in the US operation.'' Mr. Moore stated, "The significant size of the US reinsurance market, combined with the concentration created by consolidation among US reinsurers, presents an attractive environment for a strong participant in the US reinsurance market -- particularly with the financial backing of PartnerRe group's $2 billion of equity.

"I look forward to building our US operation by expanding our resource base and by leveraging our global financial and underwriting strength.'' Karen O'Connor Rubsam, CPA CFA will succeed Mr. Moore as chief financial officer of the group. Ms Rubsam joined PartnerRe last November, after having been chief financial officer at Zurich Reinsurance Centre Inc., New York.

Meanwhile, Jean-Pierre Fillebeen, a SAFR executive who had been with the French company for 25 years, will continue to be responsible for developing the traditional reinsurance business.

John Adimari has been named senior vice president and chief financial officer of PartnerRe US, after leaving his position as vice president of NAC Re Corporation. Prior to his 12 years there, he spent nine years with Coopers & Lybrand, where he was a property-casualty reinsurance specialist.

Herbert Haag