PartnerRe put their record third quarter results - an expectation-beating $27.1 million increase - down to having a strong business book, superior underwriting and a bit of good luck.

Speaking at their conference call Patrick Thiele, president and CEO, was warm in his praise for the company's fine set of results across the board.

Meanwhile, executive vice-president chief financial officer, Albert Benchimol, spoke of solid growth in all sectors, focusing on the reinsurance firm's non-life segment.

Mr. Thiele said: "We continue to see a low level of incurred losses and that combined with a seasonally high level of earned premium in the quarter led to the record 34 percent annualised operating return on equity.

"Our nine-month results, highlighted by a 23 percent annualised operating return and the 16 percent growth in GAAP book per share underscore the strength of the franchise we have built at PartnerRe."

Mr. Benchimol went on to describe the quarter as "pretty exceptional" and one in which the company set a number of new records, as well as achieving its lowest combined ratio as a diversified multi-line operation.

He added that the balance sheet also attained new levels in all key measures and while the year was far from over, the company was well ahead of what many thought was an unbeatable year in 2006.

Mr. Benchimol reckons the rise in non-life premiums written was down to the weaker US dollar and the good performance of its US sub-segment.

He believes that, not only were large losses benign in the quarter, but PartnerRe was also exposed to relatively small shares of those that occurred.

And Mr. Benchimol said the record technical result of $284 million for the quarter compared favourably at 34 percent better than last year, while for the nine-month period the technical result of almost $600 million was 28 percent better than the catastrophe-free 2006 period, even considering the company had to absorb the effects of windstorm Carol in the first quarter of 2007.

"Our nine-month combined ratio of 81.2 is testament to a very strong book of business, superior underwriting and a bit of good of luck," he said.

"We had growth in both mortality and longevity and effects also contributed close to seven percent to the growth for the quarter and the eight percent for the year to date."