Partner Re Limited posted net income of $235.8 million or $3.93 per share in the third quarter of 2006 compared to a $288.7 million or $5.48 per share loss in the same period of 2005.

The Bermuda reinsurer predicted a ?mixed? renewal season, but said hurricane-related rates were expected to remain strong.

Operating earnings for the third quarter of 2006 were $205.1 million or $3.55 per share. This compares to an operating loss of $345.2 million or $6.36 per share for the third quarter of 2005.

?PartnerRe?s performance over the first nine months of 2006, together with our cumulative performance since 2001, provides clear evidence of the strength of our strategy and indeed the PartnerRe franchise,? PartnerRe Limited President and CEO Patrick Thiele said.

?While we are pleased with the 24 percent annualised operating return on equity achieved for the first nine months, we maintain the belief that the test of a superior reinsurance company lies in its ability to grow book value over the longer term.

?The 17 percent or $7.75 growth in book value year to date, and the 13 percent compound annual growth rate, after the payment of dividends, since 2001, demonstrates our risk management capabilities.?

Mr. Thiele said this particularly showed the company?s ability to withstand shock losses as well as Partner Re?s ability to take advantage of market opportunities as and when they occur.

?Looking forward to the next renewal season, current indications are for mixed markets. Outside of the wind exposed lines, where we expect to see continued strong pricing at January 1, 2007, we are still seeing mixed indications.?

?Risk diversification and access to markets will continue to be key to success and as a strong, globally diversified reinsurer with both direct and broker distribution channels, excellent risk diversification, and unquestioned financial strength, we are well positioned to achieve an attractive portfolio of risks in 2007.?