To Our Shareholders:
2009 began with the challenges of the financial crisis and subsequent economic fallout. It is against this backdrop that PartnerRe’s results are particularly gratifying. As a testament to the Company’s intelligent risk-taking and risk management skills, we achieved record operating earnings and total net income, and excellent growth in book value per share – surpassing our 10%+ goal.
The end of 2009 also marked the successful completion of the Company’s acquisition of PARIS RE – solidifying our presence in the reinsurance marketplace. I would like to offer special thanks and congratulations to our CEO, Patrick Thiele, his executive staff and to all PartnerRe and PARIS RE employees for their part in that success. On behalf of the Board, I would like to express particular gratitude to Bruno Meyenhofer, who was instrumental in the successful execution of the transaction and who has adeptly guided the integration process in the early part of 2010.
Beyond the PARIS RE transaction, Bruno’s dedication and contribution as CEO of PartnerRe Global, and member of the Executive Management team, has been a considerable influence in the growth and success of the PartnerRe franchise. Having retired in March of 2010, Bruno leaves behind a management team that can move the Global organization forward with strength and confidence. We wish him much happiness in his retirement.
2010 brings with it the challenge of smoothly integrating PARIS RE into PartnerRe. While the Board and I will continue to monitor the progress, we have confidence that PartnerRe’s strong management team will ensure a successful transition. Against the backdrop of anticipated regulatory changes, we will also conduct a full governance review of the Board to ensure ongoing best practices are in place as PartnerRe continues to respond to the needs of its shareholders.
Looking ahead, I am confident that with the benefits that the acquisition of PARIS RE brings – additional capital, talent and improved diversification – the larger and stronger PartnerRe has the foundation to capitalize on opportunities, and successfully withstand whatever the future brings.
John A. Rollwagen
Chairman of the Board