To Our Shareholders:
By any standard, the last decade has been an exceptionally successful period for reinsurers. Clearly our industry benefited from the pricing upturn that was already gathering steam in early 2001 but which rapidly accelerated after the events of September 11. And yes, we were fortunate to enjoy benign liability loss trends over the period. But I think that our industry’s success went beyond reaping the benefits of the usual “hard market – soft market” pattern. Perhaps the industry’s most important accomplishment over the last few years has been the demonstration of our ability to cope with shocks. We have taken in our stride all kinds of storms, natural and financial – a clear sign that we have been getting better at our core skill of managing risk.
At PartnerRe, the last 10 years have been formative years as well as successful ones. We took advantage of market conditions to create significant wealth for our shareholders. We are proud that over the period we met or exceeded most of our financial goals. But we also emerged as a leading multiline reinsurer with a distinctive brand. We are not a company that follows market fashion or the consensus view, but we draw our strength from a clear set of values and principles.
We have a truly global geographic reach and capabilities in virtually every line of business. We rely on deep technical underwriting and quantitative skills underpinned and supported by a strong risk management culture and a comprehensive risk management framework that encompasses both reinsurance and investment risk. Our Business Unit structure decentralizes the decision-making process, allowing actions that are quick, flexible and informed at the local or line of business level. Within our organization, we have built a culture of trust through the respectful treatment of employees and commitment to open communication. This approach is carried through to our relationships with our clients, which are likewise based on openness, transparency and consistency of approach. And of course, the foundation of everything we do is unquestionable financial strength. Next >
