announced that its shareholders have agreed to change the company's name to PartnerRe Ltd.

The move came at the company's third annual general meeting, where the firm's management recommended the change. The reasoning was that by simplifying the corporate name, company recognition will be enhanced in the marketplace.

PartnerRe, through its wholly owned subsidiary, Partner Reinsurance Company Ltd., provides catastrophe reinsurance to insurance companies on a worldwide basis.

The firm just announced staggering corporate profits of $47.7 million for the first quarter of 1995. It was a 179 percent increase on net income registered for the first quarter of 1994.

Total assets during this year's first quarter swelled more than 15 percent to nearly $1.276 billion.

Gross and net premiums written were up almost 18 percent to $131.5 million for the quarter.