PartnerRe was first out of the starting blocks in Bermuda with its third quarter results, which last night showed a healthy $27.1 million jump in profit to $262.9 million for the past three months.

CEO and president Patrick Thiele noted there had been a number of company records set during the period, including earned premiums, operating earnings and earnings per share - which stands at $4.44 on a fully diluted basis.

Mr. Thiele also sounded upbeat about future prospects and the likelihood of PartnerRe benefiting on recent turmoil within the capital markets in view of its "strong and liquid balance sheet."

The CEO said: "Our third quarter results set new records in several metrics. A continuing low level of incurred losses combined with a seasonally high level of earned premium resulted in annualised operating return on beginning shareholders' equity of 34 percent and 10 percent growth in GAAP book value per share in the quarter."

The company had gross written premiums for the quarter of $877.9 million and its non-life combined ratio has dropped to 74.1 from 81.4 a year ago.

Looking to the future, Mr. Thiele said: "Pricing in most segments of the non-life reinsurance market continues to weaken at a moderate rate but overall profitability remains at a satisfactory level due to the current low level of claims.

"We do see client behaviour beginning to stabilise as regards the structure and the attachment points of their reinsurance programs, which should lead to a more orderly January 1 renewal in the US and Europe."

The company noted that its profits improved despite a net charge of $19.9m and losses from PartnerRe's interest in the results of equity investments.