PartnerRe Ltd. announced yesterday second quarter profits climbed 44.7 percent.

For the quarter ended June 30, 1995, the Bermuda-based property catastrophe reinsurer reported profit of $62.2 million or $1.09 per share compared to $43 million or 77 cents per share for the same quarter a year earlier.

"PartnerRe has continued to produce strong results,'' said company president and CEO Mr. Herbert Haag.

"We have maintained our truly international spread of risk as evidenced by our broad geographic distribution of premiums and exposures,'' he said.

The company conducts business in 39 countries.

Increases in premium written and net income confirm the company's strong position during renewals in Japan and the US, said Mr. Haag.

Total premiums written jumped 15.2 percent to $66.6 million from $51.4 million.

"The market for Japanese windstorm covers, where rates continue to decline from their 1992 high, remained competitive and we decided to limit the growth of our exposures at this time,'' he said.

"In the US market, a continued demand for catastrophic reinsurance cover has generated strong renewals, however, due to our restraint on limits we could not support all requests received,'' he said.

Looking ahead to the third quarter Mr. Haag said: "Our July 1 renewal activity has indicated continued firm pricing in the US and some softening of rates in other parts of the world. In particular we have encountered a competitive climate in Australia.'' Six month profit was up 83 percent to $110 million compared to $60.1 million reported for the six months ending June 30, 1994.

Second quarter per share earnings rose to $1.11 from 78 cents.

Net realised investment gains for the quarter were $3.3 million, six cents per share, compared to a loss of $5.6 million, ten cents per share, for the same period a year ago.

Unaudited total quarterly revenue was up 53.8 percent to $79.8 million from $51.9 million.

Expenses for the quarter were $17.5 million, up 96.6 percent from the $8.9 million reported a year earlier.

Assets at June 30 were $1.4 billion compared to $1.1 billion at December 31, 1994.

Shareholder's equity at June 30 was $1.2 billion compared to $1 billion at December 31, 1994.

Losses and loss expenses for the quarter were $11.2 million or 19.5 percent of net premiums earned compared to $5 million or 11.4 percent a year earlier, the company said.

The board of directors announced the regular quarterly dividend will be increased from ten cents to 12.5 cents per common share payable September 1.

Beginning in 1997, the regular quarterly dividend will be reviewed annually.

PartnerRe, through its wholly-owned subsidiary Partner Reinsurance Company Ltd., reinsures windstorms, earthquakes, floods, fires and explosions.

PartnerRe was incorporated August 24, 1993 with $225 million capitalisation from private institutional investors; $100 million from Swiss Reinsurance Company, Zurich, and $25 million from affiliates of New York-based merchant banker John Head & Partners L.P.

The company's November 1993 initial public offering (IPO) generated $747.5 million.