Almost exactly a year ago we announced our intention to acquire PARIS RE. Our view then, as it remains today, is that in a generally stagnant, no-growth re/insurance environment, a stronger capital base and a more diversified book of business, allows us to offer our clients more in an environment where many reinsurers will be offering less. More in terms of higher risk limits, access to a broader base of expertise and an unquestioned ability to pay claims.

When we announced the acquisition on July 5, 2009, I said that clients of both organizations would benefit from doing business with a reinsurance partner that is highly capitalized and highly diversified. I’m pleased to say that from today, July 1, 2010, this is what you will get from PartnerRe. With the business integration process almost complete, our expanded capital base and capabilities means we are ready for whatever the future brings.

A number of you have asked me over the past few months what you can expect from PartnerRe going forward. The answer is that you will find us a larger, stronger, more stable and more secure version of the company we were a year ago. We have increased our financial strength and reduced the risk within the Company through additional diversification. But we retain the same strategy, infrastructure, values and importantly the same approach to valuing, evaluating and managing risk, that have successfully seen us through the shock events of recent years.

While we are large enough to compete with the bigger market players we are still small enough to maintain our flexibility and responsiveness to our clients. Our decentralized approach to decision making, supported by our business unit structure, is now more than ever, fundamental to how we do business. It means that underwriters, not a centralized underwriting function, make the day-to-day decisions around what business we write, within a clear and consistent risk management framework. For you that means you are dealing with someone who knows your market, speaks your language and who can work closely with you on finding sound reinsurance solutions.

Back in July 2009 I said that the integration process would be a smooth and successful one and on the whole it has been, with underwriting teams, guidelines and tools all settling into place. Over the next few months I look forward to working with you as a stronger, more secure reinsurance partner as we approach the upcoming renewals season.