Fair Value (Tables)

9 Months Ended

Sep. 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
September 30, 2012			(Level 1)		(Level 2)		(Level 3)		Total
Fixed maturities
	U.S. government and government sponsored enterprises		$	-	$	982,433	$	-	$	982,433
	U.S. states, territories and municipalities			-		10,269		208,820		219,089
	Non-U.S. sovereign government,
		supranational and government related		-		2,638,242		-		2,638,242
	Corporate			-		6,269,298		108,557		6,377,855
	Asset-backed securities			-		393,499		329,189		722,688
	Residential mortgage-backed securities			-		3,319,929		-		3,319,929
	Other mortgage-backed securities			-		78,263		-		78,263
Fixed maturities			$	-	$	13,691,933	$	646,566	$	14,338,499
Short-term investments			$	-	$	161,137	$	-	$	161,137
Equities
	Consumer noncyclical		$	127,963	$	-	$	-	$	127,963
	Energy			118,502		-		-		118,502
	Finance			81,100		7,585		13,372		102,057
	Technology			77,032		-		7,093		84,125
	Communications			69,182		-		-		69,182
	Insurance			64,983		-		-		64,983
	Industrials			56,220		-		-		56,220
	Consumer cyclical			55,453		-		-		55,453
	Other			84,492		-		-		84,492
	Mutual funds and exchange traded funds			42,707		258,773		7,071		308,551
Equities			$	777,634	$	266,358	$	27,536	$	1,071,528
Other invested assets
	Derivative assets
		Foreign exchange forward contracts	$	-	$	11,229	$	-	$	11,229
		Foreign currency option contracts		-		1,061		-		1,061
		Credit default swaps (protection purchased)		-		16		-		16
		Credit default swaps (assumed risks)		-		452		-		452
		Insurance-linked securities		-		-		56		56
		Total return swaps		-		-		6,214		6,214
		TBAs		-		1,368		-		1,368
	Other assets			-		-		72,619		72,619
	Derivative liabilities
		Foreign exchange forward contracts		-		(3,744)		-		(3,744)
		Futures contracts		(11,462)		-		-		(11,462)
		Credit default swaps (protection purchased)		-		(1,071)		-		(1,071)
		Insurance-linked securities		-		-		(1,290)		(1,290)
		Total return swaps		-		-		(621)		(621)
		Interest rate swaps		-		(8,395)		-		(8,395)
Other invested assets			$	(11,462)	$	916	$	76,978	$	66,432
Funds held – directly managed
	U.S. government and government sponsored enterprises		$	-	$	356,444	$	-	$	356,444
	U.S. states, territories and municipalities			-		-		329		329
	Non-U.S. sovereign government,
		supranational and government related		-		272,585		-		272,585
	Corporate			-		414,455		-		414,455
	Other invested assets			-		-		17,536		17,536
Funds held – directly managed			$	-	$	1,043,484	$	17,865	$	1,061,349
Total			$	766,172	$	15,163,828	$	768,945	$	16,698,945

			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
September 30, 2012			of period		net income		issuances		settlements		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	117,235	$	1,618	$	90,050	$	(83)	$	-	$	208,820	$	1,618
	Corporate			111,070		681		56		(3,250)		-		108,557		582
	Asset-backed securities			290,371		699		59,724		(21,605)		-		329,189		739
Fixed maturities			$	518,676	$	2,998	$	149,830	$	(24,938)	$	-	$	646,566	$	2,939
Equities
	Finance		$	19,422	$	750	$	-	$	-	$	(6,800)	$	13,372	$	750
	Technology			7,192		(99)		-		-		-		7,093		(99)
	Mutual funds and exchange
		traded funds		6,760		311		-		-		-		7,071		311
Equities			$	33,374	$	962	$	-	$	-	$	(6,800)	$	27,536	$	962
Other invested assets
	Derivatives, net		$	1,207	$	3,152	$	-	$	-	$	-	$	4,359	$	4,168
	Other assets			72,529		9,646		25,301		(34,857)		-		72,619		4,154
Other invested assets			$	73,736	$	12,798	$	25,301	$	(34,857)	$	-	$	76,978	$	8,322
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	321	$	8	$	-	$	-	$	-	$	329	$	8
	Other invested assets			15,076		2,460		-		-		-		17,536		2,460
Funds held – directly managed			$	15,397	$	2,468	$	-	$	-	$	-	$	17,865	$	2,468
Total			$	641,183	$	19,226	$	175,131	$	(59,795)	$	(6,800)	$	768,945	$	14,691

					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
September 30, 2011			of period		net income		issuances		settlements⁽¹⁾		Level 3		period		at end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	86,782	$	2,100	$	-	$	(37)	$	-	$	88,845	$	2,100
	Corporate			116,428		969		195		(5,545)		-		112,047		582
	Asset-backed securities			261,843		2,005		39,159		(53,288)		-		249,719		4,627
	Other mortgage-backed securities			1		(1)		-		-		-		-		-
Fixed maturities			$	465,054	$	5,073	$	39,354	$	(58,870)	$	-	$	450,611	$	7,309
Short-term investments			$	2,923	$	-	$	-	$	(2,923)	$	-	$	-	$	-
Equities
	Finance		$	163	$	(10)	$	-	$	-	$	-	$	153	$	(10)
	Mutual funds and exchange
		traded funds		6,542		(29)		-		-		-		6,513		(29)
Equities			$	6,705	$	(39)	$	-	$	-	$	-	$	6,666	$	(39)
Other invested assets
	Derivatives, net		$	(21,535)	$	3,290	$	675	$	10,000	$	-	$	(7,570)	$	3,290
	Other assets			74,018		(9,391)		32,808		(5,392)		-		92,043		(11,988)
Other invested assets			$	52,483	$	(6,101)	$	33,483	$	4,608	$	-	$	84,473	$	(8,698)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	355	$	(21)	$	-	$	-	$	-	$	334	$	(21)
	Other invested assets			21,720		(3,882)		-		-		-		17,838		(2,954)
Funds held – directly managed			$	22,075	$	(3,903)	$	-	$	-	$	-	$	18,172	$	(2,975)
Total			$	549,240	$	(4,970)	$	72,837	$	(57,185)	$	-	$	559,922	$	(4,403)

(1) Sales and settlements of derivatives includes settlements of $10.0 million.

															Change in
						Realized and										unrealized
						unrealized										investment
						investment						Net				gains (losses)
				Balance at		gains (losses)		Purchases		Sales		transfers		Balance		relating to
For the nine months ended			beginning		included in		and		and		(out of)/ into		at end		assets held at
September 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	$	2,900	$	94,750	$	(245)	$	-	$	208,820	$	2,900
	Corporate			111,700		111		120		(3,374)		-		108,557		(2)
	Asset-backed securities			257,415		8,892		142,314		(79,432)		-		329,189		8,771
Fixed maturities			$	480,530	$	11,903	$	237,184	$	(83,051)	$	-	$	646,566	$	11,669
Equities
	Finance		$	9,670	$	3,702	$	6,800	$	-	$	(6,800)	$	13,372	$	3,702
	Technology			-		(99)		7,192		-		-		7,093		(99)
	Mutual funds and exchange
		traded funds		6,495		576		-		-		-		7,071		576
Equities			$	16,165	$	4,179	$	13,992	$	-	$	(6,800)	$	27,536	$	4,179
Other invested assets
	Derivatives, net		$	5,622	$	4,157	$	(5,420)	$	-	$	-	$	4,359	$	4,874
	Other assets			91,405		18,464		63,349		(100,599)		-		72,619		5,804
Other invested assets			$	97,027	$	22,621	$	57,929	$	(100,599)	$	-	$	76,978	$	10,678
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	334	$	(5)	$	-	$	-	$	-	$	329	$	(5)
	Other invested assets			15,433		2,103		-		-		-		17,536		2,103
Funds held – directly managed			$	15,767	$	2,098	$	-	$	-	$	-	$	17,865	$	2,098
Total			$	609,489	$	40,801	$	309,105	$	(183,650)	$	(6,800)	$	768,945	$	28,624

(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 nine months ended			beginning		included in		and		and		into		at end		assets held at
September 30, 2011			of period		net loss		issuances ⁽¹⁾		settlements ⁽¹⁾		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	55,124	$	3,724	$	30,064	$	(67)	$	-	$	88,845	$	3,724
	Corporate			76,982		(36,097)		41,073		(10,091)		40,180		112,047		2,949
	Asset-backed securities			213,139		12,683		140,803		(116,906)		-		249,719		12,885
	Residential mortgage-backed
		securities		-		1,385		4,212		(5,597)		-		-		-
	Other mortgage-backed securities			290		(225)		408		(473)		-		-		-
Fixed maturities			$	345,535	$	(18,530)	$	216,560	$	(133,134)	$	40,180	$	450,611	$	19,558
Short-term investments			$	-	$	(1,069)	$	3,992	$	(2,923)	$	-	$	-	$	-
Equities
	Finance		$	2,486	$	229	$	-	$	(2,562)	$	-	$	153	$	3
	Mutual funds and exchange
		traded funds		40,927		1,213		-		(35,627)		-		6,513		(411)
Equities			$	43,413	$	1,442	$	-	$	(38,189)	$	-	$	6,666	$	(408)
Other invested assets
	Derivatives, net		$	(7,954)	$	(5,513)	$	(4,103)	$	10,000	$	-	$	(7,570)	$	3,790
	Other assets			86,278		(12,598)		39,356		(20,993)		-		92,043		(14,485)
Other invested assets			$	78,324	$	(18,111)	$	35,253	$	(10,993)	$	-	$	84,473	$	(10,695)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	368	$	(34)	$	-	$	-	$	-	$	334	$	(34)
	Mortgage/asset-backed securities			12,118		(150)		-		(11,968)		-		-		-
	Other invested assets			20,528		(2,690)		-		-		-		17,838		(2,030)
Funds held – directly managed			$	33,014	$	(2,874)	$	-	$	(11,968)	$	-	$	18,172	$	(2,064)
Total			$	500,286	$	(39,142)	$	255,805	$	(197,207)	$	40,180	$	559,922	$	6,391

(1) Purchases and issuances of derivatives includes issuances of $5.1 million. Sales and settlements of derivatives includes settlements of $10.0 million.

Fair Value Inputs Assets Quantitative Information Table [Text Block]

						Range
September 30, 2012			Fair Value	Valuation Techniques	Unobservable Inputs	(Weighted average)
Fixed maturities
	U.S. states, territories and municipalities	$	208,820	Discounted cash flow	Credit spreads	3.0% - 4.7% (3.8%)

	Corporate		6,877	Discounted cash flow	Discount rate	13.5% (13.5%)

	Asset-backed securities – interest only		13,051	Discounted cash flow	Credit spreads	6.9% - 11.6% (9.1%)
					Prepayment speed	20.0% (20.0%)

	Asset-backed securities – other		316,138	Discounted cash flow	Credit spreads	3.9% - 12.4% (7.0%)

Equities
	Finance		13,372	Weighted market comparables	Comparable return	6.0% (6.0%)
	Technology		7,093	Weighted market comparables	Comparable return	-1.4% (-1.4%)

Other invested assets
	Total return swaps		5,593	Discounted cash flow	Credit spreads	2.8% - 4.6% (3.5%)

	Notes and loan receivables		28,877	Discounted cash flow	Credit spreads	17.5% (17.5%)
					Gross revenue/fair value	1.6 - 1.8 (1.8)

	Annuities and residuals		27,409	Discounted cash flow	Credit spreads	5.0% - 10.1% (7.6%)
					Prepayment speed	0.0% - 4.0% (2.7%)
					Constant default rate	2.3% - 40.0% (17.6%)

	Private equity fund		1,309	Lag reported market value	Net asset value, as reported	100.0% (100.0%)
					Market adjustments	5.6% (5.6%)

	Notes securitization		14,874	Discounted cash flow	Credit spreads	4.6% (4.6%)

Funds held – directly managed
	Other invested assets		17,536	Lag reported market value	Net asset value, as reported	100.0% (100.0%)
					Market adjustments	-39.9% - 0.0% (-12.2%)

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

	For the three		For the three		For the nine		For the nine
	months ended		months ended		months ended		months ended
	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Fixed maturities and short-term investments	$	150,046	$	189,956	$	230,862	$	180,189
Equities		51,260		(145,095)		69,068		(159,174)
Other invested assets		1,574		(10,347)		19,734		(13,680)
Funds held – directly managed		9,425		11,921		18,216		8,025
Total	$	212,305	$	46,435	$	337,880	$	15,360

Carrying values and fair values of financial instrument liabilities

	September 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt related to senior notes⁽¹⁾	$	750,000	$	866,128	$	750,000	$	781,449
Debt related to capital efficient notes ⁽²⁾		63,384		63,518		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 September 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 September 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 (loss), 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, issues, 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 Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-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.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-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.

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

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+ Details