Bermuda-based reinsurer PartnerRe Holdings Ltd., reported unaudited net third quarter income of $46.2 million or 82 cents per share.

"We continue to be very satisfied with our results. Premiums written of $15.8 million for the third quarter, emanating primarily from the US, Latin America, Australia and New Zealand were very much in line with our expectations,'' commented Mr. Herbert N. Haag, PartnerRe's president and Chief Executive Officer.

Net income for the nine months ended September 30, 1994 was $106.3 million or $1.89 per share.

Revenues for the third quarter and first nine months of 1994 were $59.8 million and $152.2 million respectively while corresponding total expenses were $13.7 million and $45.9 million. Operating earnings for the nine months included losses of $19.9 million or $2.09 related to the Northridge earthquake in Los Angeles in January.

Losses and related expenses for the quarter were $8.15 million -- 17.4 percent of net premiums earned while losses and loss expenses for the nine months were $33.1 million while unpaid losses and related expenses.

"During the third quarter we were advised of a loss on a European programme in the amount of $3.15 million. In addition, there were several smaller catastrophe events in the quarter such as typhoons in Taiwan and Japan, an earthquake in Mexico and storms and flooding in the US, Pakistan and the Philippines.

"In light of these events and the inherent uncertainly of determining the extend of the losses, if any, incurred by cedants, we have established an additional provision in the third quarter of $5 million. With regard to the Northridge earthquake, our previous estimate of incurred losses remains at $19.9 million which represents all reported losses to date,'' he added, referring to the losses.

The company reported assets of $1.1 billion and shareholders' equity of $1.0 billion while total liabilities $103.3 million at September 30.

PartnerRe's operations commenced in November of 1993 upon the completion of the private placement and initial public offering and therefore no comparative prior period results are available.

Gross premiums written for the third quarter and nine month periods respectively were $15.8 million and $178.9 million while cumulative gross and net premiums written since the company commenced underwriting operations in November, 1993 were $195 million, including $16.1 million of premiums written for programmes which had inception dates in November and December of 1993.

"We are now directing our activities toward 1995 business developments,'' added Mr. Haag.

At September 30, the reinsurer's portfolio was as follows; 43 percent North America, 25 percent Asia/Australia/New Zealand, 22 percent Europe, nine percent Latin America and the Caribbean, and one percent Africa.

The company also reported that the portion of the Class B Warrants which were available for vesting on the November 4 1994 anniversary date did not vest and therefore forfeited.

The company announced its board of directors declared a regular dividend of 10 cents per commons hare payable December 1, 1994 to shareholders of record November 15, 1994.

PartnerRe Holdings Ltd., through its wholly-owned subsidiary Partner Reinsurance Company Ltd., provides catastrophe reinsurance to insurers worldwide. Risks reinsured include windstorms, earthquakes, floods fires and explosions.