announced third quarter profits of $45 million, is estimating $24 million in losses as a result of recent Atlantic storms.

But the company is not expecting substantial exposure to claims from Hurricane Opal.

President Mr. Herbert Haag said of the 1996 renewal season: "The 1995 storm activity emphasises the potential exposures that exist, which we would expect could only to have a positive impact on renewal conditions.

"On this note, we believe that Hurricane Opal, which occurred in early October, will not be a major loss for PartnerRe.

"We are focusing on 1996 business development and are optimistic regarding opportunities to expand our penetration in our many established markets. "Our broad geographic spread of business and our presence in many markets provide ample opportunities for further development.'' The company recorded a rise in gross and net premiums written to $27.2 million for the three months to September 30, from $15.8 million for the same period in 1994.

Total revenues for the quarter were also substantially up, at $81 million, comprising $57.8 million of net premiums earned, net investment income of $20.9 million and net realised investment gains of $2.4 million.

Comparable 1994 third quarter revenues were $59.8 million, with $46.8 million of net premiums earned, $15.7 million of net investment income and $2.7 million of net realised investment losses.

In reviewing the loss activity for this year's third quarter, Mr. Haag said: "Hurricanes Luis and Marilyn were both very destructive storms which caused substantial damage in the Caribbean.

"PartnerRe's estimated losses are $16.2 million for Hurricane Luis and $7.8 million for Hurricane Marilyn.

"Other smaller catastrophic events in the quarter included tropical storms and hurricanes in the southeastern United States, the Caribbean and Mexico, severe rain and hailstorms and flooding in Germany, Italy and Canada and typhoons Oscar and Ryan in the Far East.

"In light of these events we have established an additional provision of $4 million in the quarter.'' Mr. Haag said: "The third quarter was, in most respects, a strong quarter: Written premiums increased 72 percent, investment income increased 33 percent and total revenues increased 35 percent over the 1994 third quarter.

"On the other hand, we experienced one of the most active hurricane seasons in many years, which increased the loss burden for the quarter.

"PartnerRe actively pursued renewals in markets all over the world in the third quarter and increased written premiums substantially over the prior year. The main areas contributing to the increase were the United States, Canada, Mexico and Great Britain.

"At the end of the quarter, the spread of our underwriting portfolio remained practically unchanged with North America 46 percent, Europe 21 percent, Asia, Australia and New Zealand 24 percent, Latin America and the Caribbean eight percent and Africa one percent.'' Net income for the third quarter was $45 million or 80 cents a share, compared to $46.2 million or 83 cents a share for the same period last year.

PartnerRe shares were trading up 50 cents at $26.25 in mid-afternoon.