Bermuda-based reinsurer Partner Re has reported a 37 percent increase in business during the January renewal period.

The increase in business follows the company being hard hit last year with close to $200 million in operating loss for 2001 after exposure to the events of September 11, Enron Corp. and "an unusually high frequency of losses, predominately in Europe."

The company, which is listed on the New York Stock Exchange, said business in the 2002 renewal period was expected to generate $1.37 billion in premiums - a 37 percent increase over last year's renewal period.

Partner Re disclosed that prices on the renewal book increased on average by 20 percent, and that the January renewal period typically accounts for more than 60 percent of the firm's total business.

The announcement prompted Morgan Stanley insurance analyst Alice Schroeder to reiterate their "strong buy" rating for Partner Re stock.

Ms Schroeder said: "We view this result as a positive development for the company, which had recently given guidance of 30 percent premium growth for the current year. We are reiterating our strong buy rating on the stock and our $63 target, representing a 15 percent premium over its current trading price."

Partner Re stock was yesterday trading at $54.90.

Partner Re CEO and president Patrick Thiele said: "We believe the market dynamics during January renewals, with improved prices and attractive terms and conditions, presented an opportunity for the right kind of growth."