Fair Value (Tables)

3 Months Ended

Mar. 31, 2012

Financial instruments measured at fair value and categorized between Levels 1, 2 and 3

			Quoted prices in				Significant
			active markets for		Significant other		unobservable
			identical assets		observable inputs		inputs
March 31, 2012			(Level 1)		(Level 2)		(Level 3)		Total
Fixed maturities
	U.S. government and government sponsored enterprises		$	—	$	1,088,812	$	—	$	1,088,812
	U.S. states, territories and municipalities			—		14,439		115,580		130,019
	Non-U.S. sovereign government,
		supranational and government related		—		3,070,440		—		3,070,440
	Corporate			—		5,954,953		111,951		6,066,904
	Asset-backed securities			—		374,252		264,456		638,708
	Residential mortgage-backed securities			—		3,342,525		—		3,342,525
	Other mortgage-backed securities			—		74,256		—		74,256
Fixed maturities			$	—	$	13,919,677	$	491,987	$	14,411,664
Short-term investments			$	—	$	38,838	$	—	$	38,838
Equities
	Consumer noncyclical		$	99,933	$	120	$	—	$	100,053
	Finance			69,896		283		12,730		82,909
	Technology			68,296		—		—		68,296
	Energy			67,609		23		—		67,632
	Insurance			57,743		—		—		57,743
	Communications			53,219		—		—		53,219
	Industrials			48,430		332		—		48,762
	Consumer cyclical			45,916		98		—		46,014
	Other			60,660		206		—		60,866
	Mutual funds and exchange traded funds			95,503		255,812		6,649		357,964
Equities			$	667,205	$	256,874	$	19,379	$	943,458
Other invested assets
	Derivative assets
		Foreign exchange forward contracts	$	—	$	5,608	$	—	$	5,608
		Foreign currency option contracts		—		3,338		—		3,338
		Futures contracts		17,393		—		—		17,393
		Credit default swaps (protection purchased)		—		17		—		17
		Credit default swaps (assumed risks)		—		356		—		356
		Total return swaps		—		412		6,531		6,943
	Other assets			—		—		86,535		86,535
	Derivative liabilities
		Foreign exchange forward contracts		—		(2,132)		—		(2,132)
		Futures contracts		(381)		(1,614)		—		(1,995)
		Credit default swaps (protection purchased)		—		(1,464)		—		(1,464)
		Credit default swaps (assumed risks)		—		(102)		—		(102)
		Insurance-linked securities		—		—		(3,528)		(3,528)
		Total return swaps		—		—		(418)		(418)
		Interest rate swaps		—		(7,029)		—		(7,029)
		TBAs		—		(206)		—		(206)
Other invested assets			$	17,012	$	(2,816)	$	89,120	$	103,316
Funds held – directly managed
	U.S. government and government sponsored enterprises		$	—	$	374,744	$	—	$	374,744
	U.S. states, territories and municipalities			—		—		329		329
	Non-U.S. sovereign government,
		supranational and government related		—		290,265		—		290,265
	Corporate			—		460,100		—		460,100
	Short-term investments			—		1,576		—		1,576
	Other invested assets			—		—		17,683		17,683
Funds held – directly managed			$	—	$	1,126,685	$	18,012	$	1,144,697
Total			$	684,217	$	15,339,258	$	618,498	$	16,641,973

			Quoted prices in				Significant
			active markets for		Significant other		unobservable
			identical assets		observable inputs		inputs
December 31, 2011			(Level 1)		(Level 2)		(Level 3)		Total
Fixed maturities
	U.S. government and government sponsored enterprises		$	—	$	1,115,777	$	—	$	1,115,777
	U.S. states, territories and municipalities			—		12,269		111,415		123,684
	Non-U.S. sovereign government,
		supranational and government related		—		2,964,091		—		2,964,091
	Corporate			—		5,635,297		111,700		5,746,997
	Asset-backed securities			—		376,384		257,415		633,799
	Residential mortgage-backed securities			—		3,282,901		—		3,282,901
	Other mortgage-backed securities			—		74,580		—		74,580
Fixed maturities			$	—	$	13,461,299	$	480,530	$	13,941,829
Short-term investments			$	—	$	42,571	$	—	$	42,571
Equities
	Consumer noncyclical		$	124,697	$	154	$	—	$	124,851
	Energy			83,403		858		—		84,261
	Finance			69,722		191		9,670		79,583
	Technology			74,729		—		—		74,729
	Communications			64,036		44		—		64,080
	Industrials			58,254		—		—		58,254
	Insurance			58,017		—		—		58,017
	Consumer cyclical			52,305		108		—		52,413
	Other			69,457		239		—		69,696
	Mutual funds and exchange traded funds			35,285		237,027		6,495		278,807
Equities			$	689,905	$	238,621	$	16,165	$	944,691
Other invested assets
	Derivative assets
		Foreign exchange forward contracts	$	—	$	7,865	$	—	$	7,865
		Foreign currency option contracts		—		1,074		—		1,074
		Futures contracts		13,524		48		—		13,572
		Credit default swaps (protection purchased)		—		92		—		92
		Credit default swaps (assumed risks)		—		246		—		246
		Total return swaps		—		443		7,230		7,673
		TBAs		—		747		—		747
	Other assets			—		—		91,405		91,405
	Derivative liabilities
		Foreign exchange forward contracts		—		(5,816)		—		(5,816)
		Foreign currency option contracts		—		(321)		—		(321)
		Futures contracts		(12,905)		(1,268)		—		(14,173)
		Credit default swaps (protection purchased)		—		(1,285)		—		(1,285)
		Credit default swaps (assumed risks)		—		(772)		—		(772)
		Insurance-linked securities		—		—		(968)		(968)
		Total return swaps		—		—		(640)		(640)
		Interest rate swaps		—		(7,992)		—		(7,992)
		TBAs		—		(58)		—		(58)
	Other liabilities			—		(137)		—		(137)
Other invested assets			$	619	$	(7,134)	$	97,027	$	90,512
Funds held – directly managed
	U.S. government and government sponsored enterprises		$	—	$	268,539	$	—	$	268,539
	U.S. states, territories and municipalities			—		—		334		334
	Non-U.S. sovereign government,
		supranational and government related		—		274,665		—		274,665
	Corporate			—		480,485		—		480,485
	Short-term investments			—		18,097		—		18,097
	Other invested assets			—		—		15,433		15,433
Funds held – directly managed			$	—	$	1,041,786	$	15,767	$	1,057,553
Total			$	690,524	$	14,777,143	$	609,489	$	16,077,156

Reconciliation of beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs

															Change in
						Realized and										unrealized
						unrealized										investment
						investment						Net				(losses) gains
				Balance at		(losses) gains		Purchases		Sales		transfers		Balance		relating to
For the three months ended			beginning		included in		and		and		into		at end		assets held at
March 31, 2012			of period		net income		issuances ⁽¹⁾		settlements		Level 3 ⁽²⁾		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	111,415	$	(462)	$	4,700	$	(73)	$	—	$	115,580	$	(462)
	Corporate			111,700		327		48		(124)		—		111,951		327
	Asset-backed securities			257,415		(1,319)		50,120		(41,760)		—		264,456		(1,264)
Fixed maturities			$	480,530	$	(1,454)	$	54,868	$	(41,957)	$	—	$	491,987	$	(1,399)
Equities
	Finance		$	9,670	$	3,060	$	—	$	—	$	—	$	12,730	$	3,060
	Mutual funds and exchange
		traded funds		6,495		154		—		—		—		6,649		154
Equities			$	16,165	$	3,214	$	—	$	—	$	—	$	19,379	$	3,214
Other invested assets
	Derivatives, net		$	5,622	$	263	$	(3,300)	$	—	$	—	$	2,585	$	263
	Other assets			91,405		3,829		29,729		(38,428)		—		86,535		5,724
Other invested assets			$	97,027	$	4,092	$	26,429	$	(38,428)	$	—	$	89,120	$	5,987
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	334	$	(5)	$	—	$	—	$	—	$	329	$	(5)
	Other invested assets			15,433		2,250		—		—		—		17,683		2,250
Funds held – directly managed			$	15,767	$	2,245	$	—	$	—	$	—	$	18,012	$	2,245
Total			$	609,489	$	8,097	$	81,297	$	(80,385)	$	—	$	618,498	$	10,047

(1) Purchases and issuances of derivatives includes issuances of $3.3 million.

(2) The Company's policy is to recognize the transfers between the hierarchy levels at the beginning of the period.

					Realized and										Change in
						unrealized										unrealized
						investment						Net				investment gains
				Balance at		gains (losses)		Purchases				transfers		Balance		(losses) relating
For the three months ended			beginning		included in		and		Sales and		into		at end of		to assets held
March 31, 2011			of period		net loss		issuances		settlements		Level 3 ⁽²⁾		period		at end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	55,124	$	805	$	—	$	—	$	—	$	55,929	$	805
	Corporate			76,982		(39,115)		40,794		(3,734)		40,180		115,107		(33,873)
	Asset-backed securities			213,139		2,971		54,514		(8,216)		—		262,408		(1,837)
	Residential mortgage-backed
		securities		—		539		4,212		(450)		—		4,301		541
	Other mortgage-backed securities			290		(33)		408		(89)		—		576		(33)
Fixed maturities			$	345,535	$	(34,833)	$	99,928	$	(12,489)	$	40,180	$	438,321	$	(34,397)
Short-term investments			$	—	$	(339)	$	1,543	$	—	$	—	$	1,204	$	(339)
Equities
	Finance		$	2,486	$	237	$	—	$	(2,562)	$	—	$	161	$	10
	Mutual funds and exchange
		traded funds		40,927		648		—		(124)		—		41,451		692
Equities			$	43,413	$	885	$	—	$	(2,686)	$	—	$	41,612	$	702
Other invested assets
	Derivatives, net		$	(7,954)	$	(9,125)	$	37	$	—	$	—	$	(17,042)	$	(9,125)
	Other assets			86,278		(1,904)		2,980		(2,692)		—		84,662		(1,480)
Other invested assets			$	78,324	$	(11,029)	$	3,017	$	(2,692)	$	—	$	67,620	$	(10,605)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	368	$	(2)	$	—	$	—	$	—	$	366	$	(2)
	Mortgage/asset-backed securities			12,118		(150)		—		(11,968)		—		—		—
	Other invested assets			20,528		1,928		—		—		—		22,456		1,928
Funds held – directly managed			$	33,014	$	1,776	$	—	$	(11,968)	$	—	$	22,822	$	1,926
Total			$	500,286	$	(43,540)	$	104,488	$	(29,835)	$	40,180	$	571,579	$	(42,713)

Fair Value Inputs Assets Quantitative Information Table [Text Block]

						Range
March 31, 2012			Fair Value	Valuation Techniques	Unobservable Inputs	(Weighted average)
Fixed maturities
	U.S. states, territories and municipalities	$	115,580	Discounted cash flow	Credit spreads	3.1% - 4.6% (3.6%)

	Corporate		9,877	Discounted cash flow	Discount rate	9.0% - 14.5% (12.6%)

	Asset-backed securities – interest only		11,919	Discounted cash flow	Credit spreads	7.2% - 12.1% (9.1%)
					Prepayment speed	20.0% - 33.3% (24.2%)

	Asset-backed securities – other		252,537	Discounted cash flow	Credit spreads	3.9% - 12.5% (6.6%)

Equities
	Finance		12,730	Market comparable companies	Comparable return	32.0% (32.0%)

Other invested assets
	Total return swaps		6,113	Discounted cash flow	Credit spreads	0.4% - 4.6% (2.4%)

	Notes and loan receivables		58,126	Discounted cash flow	Credit spreads	13.5% - 19.5% (16.5%)
					Gross revenue/fair value	1.4 - 2.8 (2.1)

	Annuities and residuals		28,409	Discounted cash flow	Credit spreads	5.1% - 18.2% (10.8%)
					Prepayment speed	0.0% - 5.0% (3.0%)
					Constant default rate	2.3% - 40.0% (18.3%)

Funds held – directly managed
	Other invested assets		17,683	Lag reported market value	Net asset value, as reported	100.0% (100.0%)
					Market adjustments	-64.1% - 0.0% (-14.4%)

Change in fair value of financial instruments subject to fair value option

	For the three		For the three
	months ended		months ended
	March 31, 2012		March 31, 2011
Fixed maturities and short-term investments	$	47,821	$	(140,869)
Equities		50,771		16,118
Other invested assets		4,550		356
Funds held – directly managed		7,116		(11,978)
Total	$	110,258	$	(136,373)

Carrying values and fair values of financial instrument liabilities

	March 31, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt related to senior notes ⁽¹⁾	$	750,000	$	812,900	$	750,000	$	781,449
Debt related to capital efficient notes ⁽²⁾		63,384		58,106		63,384		55,678

(1) PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the Senior Notes, do not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $750 million in its Unaudited Condensed Consolidated Balance Sheets at March 31, 2012 and December 31, 2011.

(2) PartnerRe Finance II Inc., the issuer of the CENts, does not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $71 million in its Unaudited Condensed Consolidated Balance Sheets at March 31, 2012 and December 31, 2011.

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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