Jan. 1, renewals are expected to represent 55 percent or approximately the same percentage of the total annual non-life business as in 2006 for PartnerRe. The non-life renewal does not include PartnerRe's life or annually renewable term operations.

Mr. Thiele said in a statement that competition at the reinsurance level was reasonable at renewal time. "Absent significant market loss events, we would expect competition in all lines to increase for the remainder of the year," he added.

PartnerRe said renewable expiring premium of $1.9 billion excludes policies remaining in process or which were extended for renewal later in 2007. Of the $1.9 billion amount, approximately $207 million, or 11 percent, was removed from the market as a result of cedants' decisions to retain more of their business, or restructure quota share coverages to excess of loss treaties, which provide fewer premiums.

In addition, PartnerRe declined to renew approximately $125 million, or 6 percent of expiring premiums, due to pricing or terms and conditions that did not meet the company's objectives.

Renewal increases--totaling $83 million--were primarily the result of increased participations on existing treaties, PartnerRe said, noting that pricing was generally on the decline for other than U.S. wind-exposed business.

In addition, new business totaled $164 million with the Worldwide Specialty sub-segment having the greatest success. PartnerRe benefited from its long-standing client relationships.

Mr. Thiele said the company is pleased with Jan. 1 renewals.

"While we wrote modestly lower levels of premium in the Jan. 1, 2007 renewals, we were able to shift our capital to higher return, more capital-intensive lines, and thus maintain a level of priced profitability that is generally consistent with 2006 renewals, and above our long term target.

"This shift to higher return lines was accompanied by a modest increase in portfolio volatility," he said.