for the fourth quarter of year 2000, excluding net realised investment losses, of $27.6 million, or $0.54 per share.

This compares to an operating loss of $28.0 million, or $0.55 per share, for the fourth quarter of the previous year.

Net income for the last quarter of 2000 was $16.6 million, or $0.23 per share, including net realised investment losses. The last quarter of 1999 the net result was a loss of $10.3 million, or $0.30 per share.

Operating earnings for the year increased around $100 million to $192.1 million and net income increased around $47.5 million to $142.3 million.

Patrick Thiele, president and chief executive officer of PartnerRe, said, "2000 was a transition year for the reinsurance industry and for PartnerRe.

Pricing stability in the first part of the year was followed by improvement in several key markets. While these changes came too late to help our fourth quarter, we are pleased with the year on the whole and our rebound from a difficult 1999.

"We enter 2001 with confidence. During the recent January 1 renewal period the improving conditions allowed us to capitalise on the group's substantial financial base and underwriting expertise to write business on more attractive terms.'' Net premiums written for the last quarter 2000 were slightly down on the previous year, $290 million compared with $296.5 million. Total revenues for the quarter were also slightly down at $375.8 million compared with $444.4 million the previous year.

Net premiums written for the year 2000 were up on 1999, $1,380.3 million compared with $1,326.4 million. But total revenues for the year were down on 1999, $1,525.6 million compared with $1,630.5 million.

Mr. Thiele commented that 1999 had been a difficult year with significant catastrophes, with strong recovery in 2000.

Mr. Thiele took over as president and chief executive officer on December 1 2000, following 25 years of experience in insurance and finance. He took over from Herbert Haag who will remain as an advisor to the company until 1st January 2003.

PartnerRe began life as a specialist property catastrophe reinsurer in 1993 and has diversified since to become one of the world's leading multi-line reinsurers. It now covers sectors as diverse as catastrophe, casualty, aviation/space, property and others and has premiums written all around the world with its leading markets being in North America and Europe.