Bermuda reinsurer PartnerRe yesterday announced it would raise its annual dividend for the 15th year in succession since the company's inception in 1993.

The dividend will rise by seven percent to $1.84 per common share, from $1.72 per common share, the PartnerRe board decided.

Last week PartnerRe announced that it estimated it had written around $2 billion of non-life premium for the January 1 renewal season.

Earlier this month the company announced that it would write down $74 million in connection with its exposure to the sub-prime mortgage debacle through bond reinsurer ChannelRe.

ChannelRe's potential losses for the fourth quarter, in reinsurance arrangements with bond insurer MBIA, were estimated to be greater than its entire shareholders' value and so PartnerRe decided to write down its whole 20 percent stake in the company.

The day after the announcement, AM Best affirmed PartnerRe's A+ financial strength rating and a- issuer credit rating and said it expected the company to maintain strong operating profitability.

The PartnerRe board also declared a regular quarterly dividend of $0.46 per common share. The dividend will be payable on March 3, 2008, to common shareholders of record on February 22, 2008, with the stock trading ex-dividend commencing February 20, 2008.

PartnerRe shares rose 2.1 percent yesterday to close on $78.07.