While start-ups work frenetically to capitalize on opportunities in the property-catastrophe reinsurance market, PartnerRe can build on its position as a mature company and focus on less dramatic activities aimed at enhancing its returns.
Or, as President and Chief Executive Officer Patrick Thiele likes to say, it can focus on refinements aimed at "building an optimal risk-return portfolio."
Mr. Thiele repeats those words often--and PartnerRe's results indicate the phrase has been internalized by a culture of followers. Like other reinsurers, PartnerRe lost money in 2005, with $900 million in hurricane losses cutting into its bottom line and lowering book value 12.5 percent. But over the last four years, including two marked by hurricanes, the reinsurer's book value per share grew 11.3 percent, he noted.
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