Company, has reported a profit of $6.2 million for its first four months, ending December 31, 1993.

Partner Re estimates that its share of losses for the recent Northridge Earthquake, which struck the Los Angeles region in January this year, will be about $10 million.

Although primary insurers have not finished accumulating losses, Partner Re's estimates are based on contacts with client companies.

Partner Re's operations commenced on November 4, 1993 after the closure of a private placement and initial public offering.

At December 31, 1993, the company had total assets of $975.5 million, and total shareholders' equity of $959.4 million.

Revenues for the period ended December 31, 1993 were $6.8 million, comprising $1.5 million of earned premiums, related to 1994 reinsurance catastrophe programmes, which started in November and December 1993, and $5.3 million of investment income.

Expenses for the period were $678,000, comprising $91,000 of commissions, brokerage and other costs related to reinsurance contracts, and $587,000 for general and administrative expenses.

No losses were reported to Partner Re during the August through December period.

Net income per common share for the period amounted to 12 cents.

Mr. Herbert N. Haag, president and chief executive officer of Partner Re, said the introduction of new capacity that his company and other recently capitalised reinsurers have provided has brought a level of stability to the insurance industry.

"The new capital certainly eased the shortage of worldwide capacity.

"However, if every insurer attempted to purchase sufficient catastrophe reinsurance needed to fully protect its portfolio and shareholders, the pronounced shortage of capacity still existing in the whole industrialised world would become clearly evident,'' said Mr. Haag.

Partner Re is optimistic about business opportunities in Japan, and other countries where reinsurance protections incept during the course of the year.

"Partner Re had a successful start,'' he said. "Our earnings for 1993 reflect the investment income earned on the net proceeds from the offering, and the earned premium for only those few 1994 catastrophe reinsurance programmes, that inception dates prior to December 31, 1993.

"More importantly, for the January 1, 1994 renewals, Partner Re received about 500 submissions from insurers and brokers throughout the world.

"Premiums writings for 1994 programmes have fully met our expectations, with premiums on contracts bound to date in excess of $110 million.

"With shareholders' equity approaching $1 billion, this level of underwriting activity confirms that there is a major interest in Partner Re as one of the leading worldwide catastrophe reinsurance providers.

"The California earthquake, storms and floods in Europe, fires in Australia, and the `Winter Freeze' in the northern and eastern sections of the US, all events occurring during this January, forcefully remind us of the ever increasing need for catastrophe protection,'' said Mr. Haag.

In the opinion of Partner Re's management, these events will not effect Partner Re's ability to "successfully execute its business strategy''.

PARTNER RE HOLDINGS LTD. RESULTS FOR THE PERIOD AUGUST 24, 1993 -- DECEMBER 31, 1993.

PROFIT $6.2 M NET PREMIUMS EARNED $1.5 M NET INVESTMENT INCOME $5.3 M TOTAL EXPENSES $678,000 PROFIT PER SHARE 12 cents.