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SCHEDULE II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only
PartnerRe Ltd.
Condensed Balance Sheets—Parent Company Only
(Expressed in thousands of U.S. dollars, except parenthetical share and per share data)
 
December 31, 2020December 31, 2019
Assets
Fixed maturities, at fair value (amortized cost: 2020, $517,294; 2019, $56,096)
$519,967 $58,161 
Short-term investments, at fair value (amortized cost: 2020, $nil; 2019, $3,993)
— 3,993 
Cash and cash equivalents10,020 4,512 
Investments in subsidiaries9,291,985 8,896,352 
Intercompany loans and balances receivable21,559 219,815 
Other11,443 4,422 
Total assets$9,854,974 $9,187,255 
Liabilities
Intercompany loans and balances payable (1)
$2,490,500 $1,884,499 
Accounts payable, accrued expenses and other37,477 32,587 
Total liabilities2,527,977 1,917,086 
Shareholders’ Equity
Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares)
— — 
Preferred shares (par value $1.00; issued and outstanding: 2020, 25,489,636 shares; 2019, 28,169,062 shares; aggregate liquidation value: 2020, $637,241; 2019, $704,227)
25,490 28,169 
Additional paid-in capital2,334,564 2,396,530 
Accumulated other comprehensive loss(96,005)(75,925)
Retained earnings5,062,948 4,921,395 
Total shareholders’ equity 7,326,997 7,270,169 
Total liabilities and shareholders’ equity $9,854,974 $9,187,255 
(1)The parent has fully and unconditionally guaranteed on a subordinated basis all obligations of PartnerRe Finance II Inc. and PartnerRe Finance B, both indirect 100% owned finance subsidiaries of the parent, related to the remaining $62 million aggregate principal amount of 6.440% Fixed-to-Floating Rate junior subordinated CENts and $500 million aggregate principal amount of 4.500% Fixed-Rate Reset junior subordinated notes, respectively. The parent’s obligations under these guarantees are unsecured and rank junior in priority of payments to the parent’s senior notes.
The parent has fully and unconditionally guaranteed all obligations of PartnerRe Finance B and PartnerRe Finance Ireland DAC, direct 100% owned subsidiary of the parent, related to the issuance of the 3.700% senior notes and 1.250% senior notes, respectively. The parent’s obligations under these guarantees are senior and unsecured and rank equally with all other senior unsecured indebtedness of the parent.
SCHEDULE II
PartnerRe Ltd.
Condensed Statements of Operations and Comprehensive Income (Loss) —Parent Company Only
(Expressed in thousands of U.S. dollars)
 
For the year ended
December 31, 2020December 31, 2019December 31, 2018
Revenues
Net investment income$2,094 $1,620 $1,844 
Interest income on intercompany loans— 12,215 13,015 
Net realized and unrealized investment gains (losses)641 2,594 (1,632)
Other income (loss)113 112 (6,778)
Total revenues2,848 16,541 6,449 
Expenses
Other expenses 53,458 51,115 25,792 
Interest expense on intercompany loans17,188 14,757 15,041 
Net foreign exchange losses (gains)82,986 (26,885)(50,276)
Total expenses153,632 38,987 (9,443)
(Loss) income before equity in net income (loss) of subsidiaries(150,784)(22,446)15,892 
Equity in net income (loss) of subsidiaries404,973 959,194 (101,886)
Net income (loss)254,189 936,748 (85,994)
Preferred dividends45,990 46,416 46,416 
Loss on redemption of preferred shares2,341 — — 
Net income (loss) attributable to common shareholder$205,858 $890,332 $(132,410)
Comprehensive income (loss)
Net income (loss)$254,189 $936,748 $(85,994)
Other comprehensive (loss) income(20,080)62,709 (48,353)
Comprehensive income (loss)$234,109 $999,457 $(134,347)
SCHEDULE II
PartnerRe Ltd.
Condensed Statements of Cash Flows—Parent Company Only
(Expressed in thousands of U.S. dollars)
 
For the year ended
December 31, 2020December 31, 2019December 31, 2018
Cash flows from operating activities
Net income (loss)$254,189 $936,748 $(85,994)
Adjustments to reconcile net income to net cash used in operating activities:
Equity in net (income) loss of subsidiaries(404,973)(959,194)101,886 
Other, net87,789 (17,167)(29,283)
Net cash used in operating activities(62,995)(39,613)(13,391)
Cash flows from investing activities
Advances to/from subsidiaries, net (1) (2) (3)
73,738 (282,233)(261,666)
Net issue of intercompany loans receivable and payable (1) (4)
458,489 276,332 299,279 
Sales and redemptions of fixed maturities32,230 72,724 65,025 
Sales and redemptions of short-term investments 43,899 2,189 — 
Purchases of fixed maturities (496,139)(18,621)(124,932)
Purchases of short-term investments (39,913)(6,173)— 
Other, net(3,987)(29)(680)
Net cash provided by (used in) investing activities68,317 44,189 (22,974)
Net cash used in financing activities (2)
— — — 
Effect of foreign exchange rate changes on cash186 (1,145)10,765 
Increase (decrease) in cash and cash equivalents5,508 3,431 (25,600)
Cash and cash equivalents—beginning of year4,512 1,081 26,681 
Cash and cash equivalents—end of year$10,020 $4,512 $1,081 
(1)During 2020, the parent recorded a non-cash exchange related to a reduction of intercompany loans and balances receivable of $204 million and a corresponding reduction of intercompany loans and balances payable of $204 million. This non-cash transaction has therefore been excluded from the Condensed Statements of Cash Flows—Parent Company Only.
(2)During 2020, 2019 and 2018, dividends paid to common and preferred shareholders of $96 million, $246 million and $94 million, respectively, were paid by a Bermuda subsidiary on behalf of the parent, with a corresponding increase to intercompany balances payable. During 2020, the redemption of Series F preferred shares of $67 million was also paid by a Bermuda subsidiary on behalf of the parent, with a corresponding increase to intercompany balances payable. There transactions have therefore been excluded from the Condensed Statements of Cash Flows—Parent Company Only.
(3)During 2020, the parent recorded a non-cash capital contribution to a subsidiary of $25 million, with a corresponding change to the intercompany balances payable. During 2019, the Parent recorded non-cash dividends received from subsidiaries and non-cash capital contributions to subsidiaries of $979 million and $22 million, respectively, with corresponding changes to the intercompany balances receivable/payable. These non-cash transactions have therefore been excluded from the Condensed Statements of Cash Flows—Parent Company Only.
(4)During 2020, the Company recorded a $458 million loan payable maturing in 2030 with a direct Bermuda subsidiary in exchange for shares of an indirectly owned subsidiary, which were subsequently transferred to another subsidiary in exchange for cash. The cash proceeds were primarily invested in fixed maturities.