This document has been prepared to provide insight on the tax practices of PartnerRe Ltd. and its subsidiaries (collectively “PartnerRe”), and to also comply with the UK Finance Act 2016 to publish our tax strategy.
At PartnerRe, we provide benefits for all our stakeholders. For our clients, we exist to make risk manageable, combining technical expertise and strong personal relationships to help fuel their success―and their peace of mind. For our shareholders, we aim to deliver long-term returns. For our employees, we provide rewarding employment and development opportunities. For the communities we operate, we believe in investing in their economic sustainability through paying tax and through social, environmental or charitable programs.
Tax Planning Strategy
The management of PartnerRe’s tax affairs reflects the regulatory, legal and commercial environment in which our businesses operate. We act responsibly in all tax matters and are committed to fully complying with all tax laws, rules, and regulations that apply to us. We take an objective view of the generally understood interpretation of relevant laws and regulations, and do not enter into transactions which lack a commercial business purpose or are predicated upon unreasonable assumptions. When analyzing an uncertain area of the law, we will take into account both the letter of the law and the intent of the law; we will also seek counsel from external experts, as appropriate, to ensure that our interpretation of the law is reasonable and consistent with current market practice.
Tax Risk Appetite
For a large multi-national entity such as PartnerRe, the application of relevant tax law to our businesses and initiatives may be uncertain at times. In such cases, we endeavor to adopt positions that have a more-likely-than-not probability of success if examined by tax authorities or litigated before the courts of a competent jurisdiction on an informed and transparent basis. Such cases maybe supported by the opinion of external counsel.
Tax Risk Governance
Responsibility for the PartnerRe tax strategy, the supporting governance framework and the management of tax risk ultimately sits with the Group Chief Financial Officer. Day-to-day responsibility is delegated to the Group Tax Director.
The PartnerRe tax strategy aligns to the Group’s wider risk and control framework, with key risks and issues escalated to and considered by the Group Audit Committee as needed.
Dealing With Tax Authorities
Our stakeholders’ interests are best served when we work constructively with all of our regulators. When working with tax authorities, we aim for respectful, constructive and transparent engagement in order to bring tax matters to a timely conclusion.