The group said it expected to write and bind approximately $2.6 billion of non-life premium during the January 1, 2010 treaty renewal season. This includes $440 million in premium from Paris Re, whose acquisition was completed in December 2009.

“On a constant foreign exchange basis, the January 1, 2010 total expected premium for the combined company of $2.59 billion represents a 20% increase over the expiring premium of PartnerRe’s original January 1, 2009 portfolio of $2.159 billion,” it said in a statement.

PartnerRe and Paris Re renewed their January 1 books separately “in order to facilitate an orderly renewal process for clients,” it added. The two books are being consolidated and will renew under the PartnerRe name from mid-year 2010.

It is a major renewal for the group with approximately 60% percent of the total annual non-life treaty business of the combined company renewing on January 1. The remainder is comprised of treaty business that renews at other times during the year, in addition to approximately $500 million of combined facultative business that is underwritten throughout the year.

“Of the total expected premium of $2.6 billion, $299 million is still in process. Approximately 88% of the in process business is U.S. agriculture, which traditionally renews later in the first quarter,” said the reinsurer.

Mr Thiele said, “Overall, we are pleased with the performance of both the PartnerRe and Paris Re books of treaty business in the January 1 renewal.”

“Specifically, the PartnerRe book was stable with little change in overall client buying behavior, pricing or terms and conditions,” Mr. Thiele said.

“Paris Re experienced the normal dislocation and portfolio attrition associated with a change in control. Despite this, PARIS RE renewed approximately 90% of the business that met its portfolio objectives. New business remains challenging to achieve given the current stable environment.”

Individually, PartnerRe recorded an 8% cancellation rate, while Paris Re’s cancellation rate was higher at 20%. Renewal changes represent both changes in pricing as well as changes in participation on treaties.

Mr. Thiele added, “Our overall priced technical ratios on the combined book were broadly in line with those in 2009, and we maintained double digit priced ROEs despite the continuation of a low interest rate environment. With PartnerRe’s strong market position and active capital allocation, we believe we can maintain profitability in line with our long-term goal of 13% operating ROE in 2010, barring unusually large loss events. Our larger combined portfolio, backed by our substantially larger capital base, positions us well for 2010 and beyond.”