PartnerRe profits rise 1.3% in first half

PEMBROKE, Bermuda--PartnerRe Ltd. reported net income of $274.3 million for the first half of 2007, a slight increase of 1.3% over the same period last year.

Net premiums written by the Pembroke, Bermuda-based reinsurer were also essentially flat for the period, increasing to $2.17 billion compared with $2.16 billion last year.

PartnerRe's nonlife combined ratio improved, falling from 89.1% to 85.6% for the first six months of the year.

"As expected, the nonlife market is continuing its slow decline as cedents retain a greater portion of their business and competition at the reinsurance level intensifies," said PartnerRe Chief Executive Officer Patrick Thiele in a statement.