Fair Value (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2012			(Level 1)		(Level 2)		(Level 3)		Total
Fixed maturities
	U.S. government and government sponsored enterprises		$	—	$	944,080	$	—	$	944,080
	U.S. states, territories and municipalities			—		10,235		117,235		127,470
	Non-U.S. sovereign government,
		supranational and government related		—		2,650,832		—		2,650,832
	Corporate			—		5,701,490		111,070		5,812,560
	Asset-backed securities			—		382,618		290,371		672,989
	Residential mortgage-backed securities			—		3,337,721		—		3,337,721
	Other mortgage-backed securities			—		74,296		—		74,296
Fixed maturities			$	—	$	13,101,272	$	518,676	$	13,619,948
Short-term investments			$	—	$	31,984	$	—	$	31,984
Equities
	Consumer noncyclical		$	130,545	$	—	$	—	$	130,545
	Finance			78,442		—		19,422		97,864
	Technology			79,379		—		7,192		86,571
	Energy			76,620		—		—		76,620
	Communications			62,599		—		—		62,599
	Insurance			61,521		—		—		61,521
	Industrials			59,565		—		—		59,565
	Consumer cyclical			54,851		—		—		54,851
	Other			82,687		—		—		82,687
	Mutual funds and exchange traded funds			85,473		244,961		6,760		337,194
Equities			$	771,682	$	244,961	$	33,374	$	1,050,017
Other invested assets
	Derivative assets
		Foreign exchange forward contracts	$	—	$	2,483	$	—	$	2,483
		Foreign currency option contracts		—		182		—		182
		Futures contracts		71		1,748		—		1,819
		Credit default swaps (protection purchased)		—		22		—		22
		Credit default swaps (assumed risks)		—		324		—		324
		Insurance-linked securities		—		—		261		261
		Total return swaps		—		—		7,115		7,115
		TBAs		—		674		—		674
	Other assets			—		—		72,529		72,529
	Derivative liabilities
		Foreign exchange forward contracts		—		(5,683)		—		(5,683)
		Foreign currency option contracts		—		(2,021)		—		(2,021)
		Futures contracts		(8,149)		—		—		(8,149)
		Credit default swaps (protection purchased)		—		(1,142)		—		(1,142)
		Credit default swaps (assumed risks)		—		(79)		—		(79)
		Insurance-linked securities		—		—		(5,423)		(5,423)
		Total return swaps		—		—		(746)		(746)
		Interest rate swaps		—		(8,194)		—		(8,194)
Other invested assets			$	(8,078)	$	(11,686)	$	73,736	$	53,972
Funds held – directly managed
	U.S. government and government sponsored enterprises		$	—	$	367,515	$	—	$	367,515
	U.S. states, territories and municipalities			—		—		321		321
	Non-U.S. sovereign government,
		supranational and government related		—		276,288		—		276,288
	Corporate			—		419,054		—		419,054
	Short-term investments			—		10,546		—		10,546
	Other invested assets			—		—		15,076		15,076
Funds held – directly managed			$	—	$	1,073,403	$	15,397	$	1,088,800
Total			$	763,604	$	14,439,934	$	641,183	$	15,844,721

			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				gains (losses)
				Balance at		gains (losses)		Purchases		Sales		transfers		Balance		relating to
For the three months ended			beginning		included in		and		and		(out of)/ into		at end		assets held at
June 30, 2012			of period		net income		issuances ⁽¹⁾		settlements		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	115,580	$	1,744	$	—	$	(89)	$	—	$	117,235	$	1,744
	Corporate			111,951		(897)		16		—		—		111,070		(897)
	Asset-backed securities			264,456		9,512		32,470		(16,067)		—		290,371		9,296
Fixed maturities			$	491,987	$	10,359	$	32,486	$	(16,156)	$	—	$	518,676	$	10,143
Equities
	Finance		$	12,730	$	(108)	$	6,800	$	—	$	—	$	19,422	$	(108)
	Technology			—		—		7,192		—		—		7,192		—
	Mutual funds and exchange
		traded funds		6,649		111		—		—		—		6,760		111
Equities			$	19,379	$	3	$	13,992	$	—	$	—	$	33,374	$	3
Other invested assets
	Derivatives, net		$	2,585	$	742	$	(2,120)	$	—	$	—	$	1,207	$	(99)
	Other assets			86,535		4,989		8,319		(27,314)		—		72,529		(2,617)
Other invested assets			$	89,120	$	5,731	$	6,199	$	(27,314)	$	—	$	73,736	$	(2,716)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	329	$	(8)	$	—	$	—	$	—	$	321	$	(8)
	Other invested assets			17,683		(2,607)		—		—		—		15,076		(2,607)
Funds held – directly managed			$	18,012	$	(2,615)	$	—	$	—	$	—	$	15,397	$	(2,615)
Total			$	618,498	$	13,478	$	52,677	$	(43,470)	$	—	$	641,183	$	4,815

(1) Purchases and issuances of derivatives includes issuances of $2.4 million.

					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		(out of)/ into		at end of		to assets held
June 30, 2011			of period		net income		issuances⁽¹⁾		settlements		Level 3		period		at end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	55,929	$	819	$	30,064	$	(30)	$	—	$	86,782	$	819
	Corporate			115,107		2,049		84		(812)		—		116,428		2,049
	Asset-backed securities			262,408		7,707		47,130		(55,402)		—		261,843		(2,660)
	Residential mortgage-backed
		securities		4,301		846		—		(5,147)		—		—		—
	Other mortgage-backed securities			576		(191)		—		(384)		—		1		(166)
Fixed maturities			$	438,321	$	11,230	$	77,278	$	(61,775)	$	—	$	465,054	$	42
Short-term investments			$	1,204	$	(730)	$	2,449	$	—	$	—	$	2,923	$	(730)
Equities
	Finance		$	161	$	2	$	—	$	—	$	—	$	163	$	2
	Mutual funds and exchange
		traded funds		41,451		594		—		(35,503)		—		6,542		(804)
Equities			$	41,612	$	596	$	—	$	(35,503)	$	—	$	6,705	$	(802)
Other invested assets
	Derivatives, net		$	(17,042)	$	322	$	(4,815)	$	—	$	—	$	(21,535)	$	234
	Other assets			84,662		(1,303)		3,568		(12,909)		—		74,018		(1,016)
Other invested assets			$	67,620	$	(981)	$	(1,247)	$	(12,909)	$	—	$	52,483	$	(782)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	366	$	(11)	$	—	$	—	$	—	$	355	$	(11)
	Other invested assets			22,456		(736)		—		—		—		21,720		(736)
Funds held – directly managed			$	22,822	$	(747)	$	—	$	—	$	—	$	22,075	$	(747)
Total			$	571,579	$	9,368	$	78,480	$	(110,187)	$	—	$	549,240	$	(3,019)

(1) Purchases and issuances of derivatives includes issuances of $5.1 million.

															Change in
						Realized and										unrealized
						unrealized										investment
						investment						Net				gains (losses)
				Balance at		gains (losses)		Purchases		Sales		transfers		Balance		relating to
For the six months ended			beginning		included in		and		and		(out of)/ into		at end		assets held at
June 30, 2012			of period		net income		issuances ⁽¹⁾		settlements		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	111,415	$	1,282	$	4,700	$	(162)	$	—	$	117,235	$	1,282
	Corporate			111,700		(570)		64		(124)		—		111,070		(570)
	Asset-backed securities			257,415		8,193		82,590		(57,827)		—		290,371		8,032
Fixed maturities			$	480,530	$	8,905	$	87,354	$	(58,113)	$	—	$	518,676	$	8,744
Equities
	Finance		$	9,670	$	2,952	$	6,800	$	—	$	—	$	19,422	$	2,952
	Technology			—		—		7,192		—		—		7,192		—
	Mutual funds and exchange
		traded funds		6,495		265		—		—		—		6,760		265
Equities			$	16,165	$	3,217	$	13,992	$	—	$	—	$	33,374	$	3,217
Other invested assets
	Derivatives, net		$	5,622	$	1,005	$	(5,420)	$	—	$	—	$	1,207	$	164
	Other assets			91,405		8,818		38,048		(65,742)		—		72,529		3,107
Other invested assets			$	97,027	$	9,823	$	32,628	$	(65,742)	$	—	$	73,736	$	3,271
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	334	$	(13)	$	—	$	—	$	—	$	321	$	(13)
	Other invested assets			15,433		(357)		—		—		—		15,076		(357)
Funds held – directly managed			$	15,767	$	(370)	$	—	$	—	$	—	$	15,397	$	(370)
Total			$	609,489	$	21,575	$	133,974	$	(123,855)	$	—	$	641,183	$	14,862

(1)		Purchases and issuances of derivatives includes issuances of $5.7 million.

															Change in
						Realized and										unrealized
						unrealized										investment
						investment						Net				gains (losses)
				Balance at		gains (losses)		Purchases		Sales		transfers		Balance		relating to
For the six months ended			beginning		included in		and		and		into		at end		assets held at
June 30, 2011			of period		net loss		issuances ⁽¹⁾		settlements		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	55,124	$	1,624	$	30,064	$	(30)	$	—	$	86,782	$	1,624
	Corporate			76,982		(37,066)		40,878		(4,546)		40,180		116,428		2,368
	Asset-backed securities			213,139		10,678		101,644		(63,618)		—		261,843		4,257
	Residential mortgage-backed
		securities		—		1,385		4,212		(5,597)		—		—		—
	Other mortgage-backed securities			290		(224)		408		(473)		—		1		(203)
Fixed maturities			$	345,535	$	(23,603)	$	177,206	$	(74,264)	$	40,180	$	465,054	$	8,046
Short-term investments			$	—	$	(1,069)	$	3,992	$	—	$	—	$	2,923	$	(1,069)
Equities
	Finance		$	2,486	$	239	$	—	$	(2,562)	$	—	$	163	$	13
	Mutual funds and exchange
		traded funds		40,927		1,242		—		(35,627)		—		6,542		(382)
Equities			$	43,413	$	1,481	$	—	$	(38,189)	$	—	$	6,705	$	(369)
Other invested assets
	Derivatives, net		$	(7,954)	$	(8,803)	$	(4,778)	$	—	$	—	$	(21,535)	$	(8,893)
	Other assets			86,278		(3,207)		6,548		(15,601)		—		74,018		(2,497)
Other invested assets			$	78,324	$	(12,010)	$	1,770	$	(15,601)	$	—	$	52,483	$	(11,390)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	368	$	(13)	$	—	$	—	$	—	$	355	$	(13)
	Mortgage/asset-backed securities			12,118		(150)		—		(11,968)		—		—		—
	Other invested assets			20,528		1,192		—		—		—		21,720		1,192
Funds held – directly managed			$	33,014	$	1,029	$	—	$	(11,968)	$	—	$	22,075	$	1,179
Total			$	500,286	$	(34,172)	$	182,968	$	(140,022)	$	40,180	$	549,240	$	(3,603)

(1) Purchases and issuances of derivatives includes issuances of $5.1 million.

Fair Value Inputs Assets Quantitative Information Table [Text Block]

						Range
June 30, 2012			Fair Value	Valuation Techniques	Unobservable Inputs	(Weighted average)
Fixed maturities
	U.S. states, territories and municipalities	$	117,235	Discounted cash flow	Credit spreads	3.1% - 4.7% (3.6%)

	Corporate		9,838	Discounted cash flow	Discount rate	8.8% - 15.0% (13.0%)

	Asset-backed securities – interest only		13,483	Discounted cash flow	Credit spreads	7.5% - 12.3% (9.8%)
					Prepayment speed	20.0% (20.0%)

	Asset-backed securities – other		276,888	Discounted cash flow	Credit spreads	4.0% - 12.7% (6.8%)

Equities
	Finance		19,422	Market comparable companies	Comparable return	-0.8% - 0.0% (-0.5%)
	Technology		7,192	Market comparable companies	Comparable return	0.0% (0.0%)

Other invested assets
	Total return swaps		6,369	Discounted cash flow	Credit spreads	2.9% - 4.6% (3.7%)

	Notes and loan receivables		44,303	Discounted cash flow	Credit spreads	13.4% - 19.5% (16.1%)
					Gross revenue/fair value	1.5 - 2.0 (1.9)

	Annuities and residuals		27,226	Discounted cash flow	Credit spreads	5.4% - 11.0% (8.7%)
					Prepayment speed	0.0% - 5.0% (3.0%)
					Constant default rate	2.3% - 40.0% (17.4%)

Funds held – directly managed
	Other invested assets		15,076	Lag reported market value	Net asset value, as reported	100.0% (100.0%)
					Market adjustments	-52.4% - 0.0% (-16.5%)

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

	For the three		For the three		For the six		For the six
	months ended		months ended		months ended		months ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Fixed maturities and short-term investments	$	32,995	$	131,101	$	80,815	$	(9,767)
Equities		(32,963)		(30,197)		17,808		(14,079)
Other invested assets		13,610		(3,689)		18,160		(3,333)
Funds held – directly managed		1,675		8,082		8,791		(3,896)
Total	$	15,317	$	105,297	$	125,574	$	(31,075)

Carrying values and fair values of financial instrument liabilities

	June 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt related to senior notes ⁽¹⁾	$	750,000	$	823,229	$	750,000	$	781,449
Debt related to capital efficient notes ⁽²⁾		63,384		59,898		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 June 30, 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 June 30, 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).

+ References+ Details

- 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.

+ References+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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