Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

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, 2013			(Level 1)		(Level 2)		(Level 3)		Total
Fixed maturities
	U.S. government and government sponsored enterprises		$	0	$	1,495,749	$	0	$	1,495,749
	U.S. states, territories and municipalities			0		16,659		289,135		305,794
	Non-U.S. sovereign government, supranational
		and government related		0		2,343,751		0		2,343,751
	Corporate			0		5,942,359		99,627		6,041,986
	Asset-backed securities			0		704,174		453,753		1,157,927
	Residential mortgage-backed securities			0		2,293,874		0		2,293,874
	Other mortgage-backed securities			0		41,757		0		41,757
Fixed maturities			$	0	$	12,838,323	$	842,515	$	13,680,838
Short-term investments			$	0	$	36,781	$	0	$	36,781
Equities
	Real estate investment trusts		$	168,985	$	0	$	0	$	168,985
	Energy			156,254		0		0		156,254
	Finance			105,025		10,057		14,285		129,367
	Consumer noncyclical			119,194		0		0		119,194
	Communications			64,026		0		2,143		66,169
	Technology			51,535		0		9,150		60,685
	Industrials			45,181		0		0		45,181
	Consumer cyclical			44,566		0		0		44,566
	Utilities			38,481		0		0		38,481
	Insurance			36,481		0		0		36,481
	Other			20,559		0		0		20,559
	Mutual funds and exchange traded funds			48,126		180,362		7,674		236,162
Equities			$	898,413	$	190,419	$	33,252	$	1,122,084
Other invested assets
	Derivative assets
		Foreign exchange forward contracts	$	0	$	4,188	$	0	$	4,188
		Credit default swaps (assumed risks)		0		49		0		49
		Insurance-linked securities		0		0		175		175
		Interest rate swaps		0		150		0		150
		TBAs		0		7,256		0		7,256
	Other
		Notes and loan receivables and notes securitization		0		0		47,781		47,781
		Annuities and residuals		0		0		26,939		26,939
		Private equities		0		0		21,878		21,878
	Derivative liabilities
		Foreign exchange forward contracts		0		(5,470)		0		(5,470)
		Foreign currency option contracts		0		(821)		0		(821)
		Futures contracts		(61,909)		0		0		(61,909)
		Credit default swaps (protection purchased)		0		(231)		0		(231)
		Insurance-linked securities		0		0		(390)		(390)
		Total return swaps		0		0		(732)		(732)
		Interest rate swaps		0		(4,614)		0		(4,614)
Other invested assets			$	(61,909)	$	507	$	95,651	$	34,249
Funds held – directly managed
	U.S. government and government sponsored enterprises		$	0	$	167,808	$	0	$	167,808
	U.S. states, territories and municipalities			0		0		298		298
	Non-U.S. sovereign government, supranational
		and government related		0		192,823		0		192,823
	Corporate			0		258,946		0		258,946
	Short-term investments			0		2,389		0		2,389
	Other invested assets			0		0		15,566		15,566
Funds held – directly managed			$	0	$	621,966	$	15,864	$	637,830
Total			$	836,504	$	13,687,996	$	987,282	$	15,511,782

			Quoted prices in				Significant
			active markets for		Significant other		unobservable
			identical assets		observable inputs		inputs
December 31, 2012			(Level 1)		(Level 2)		(Level 3)		Total
Fixed maturities
	U.S. government and government sponsored enterprises		$	0	$	1,130,924	$	0	$	1,130,924
	U.S. states, territories and municipalities			0		10,151		233,235		243,386
	Non-U.S. sovereign government, supranational
		and government related		0		2,375,673		0		2,375,673
	Corporate			0		6,554,934		100,904		6,655,838
	Asset-backed securities			0		400,336		323,134		723,470
	Residential mortgage-backed securities			0		3,199,924		0		3,199,924
	Other mortgage-backed securities			0		66,100		0		66,100
Fixed maturities			$	0	$	13,738,042	$	657,273	$	14,395,315
Short-term investments			$	0	$	150,552	$	0	$	150,552
Equities
	Consumer noncyclical		$	130,526	$	0	$	0	$	130,526
	Energy			118,213		0		0		118,213
	Finance			79,456		7,472		13,477		100,405
	Technology			71,927		0		6,987		78,914
	Real estate investment trusts			66,846		0		0		66,846
	Communications			65,722		0		0		65,722
	Consumer cyclical			62,526		0		0		62,526
	Industrials			59,242		0		0		59,242
	Insurance			39,132		0		0		39,132
	Other			60,913		0		0		60,913
	Mutual funds and exchange traded funds			34,053		270,246		7,264		311,563
Equities			$	788,556	$	277,718	$	27,728	$	1,094,002
Other invested assets
	Derivative assets
		Foreign exchange forward contracts	$	0	$	7,889	$	0	$	7,889
		Foreign currency option contracts		0		1,410		0		1,410
		Futures contracts		1,956		0		0		1,956
		Credit default swaps (protection purchased)		0		6		0		6
		Credit default swaps (assumed risks)		0		512		0		512
		Total return swaps		0		0		6,630		6,630
		TBAs		0		115		0		115
	Other
		Notes and loan receivables and notes securitization		0		0		34,902		34,902
		Annuities and residuals		0		0		46,882		46,882
		Private equities		0		0		1,404		1,404
	Derivative liabilities
		Foreign exchange forward contracts		0		(17,395)		0		(17,395)
		Foreign currency option contracts		0		(186)		0		(186)
		Futures contracts		(1,352)		0		0		(1,352)
		Credit default swaps (protection purchased)		0		(807)		0		(807)
		Insurance-linked securities		0		0		(2,173)		(2,173)
		Total return swaps		0		0		(546)		(546)
		Interest rate swaps		0		(7,880)		0		(7,880)
		TBAs		0		(163)		0		(163)
Other invested assets			$	604	$	(16,499)	$	87,099	$	71,204
Funds held – directly managed
	U.S. government and government sponsored enterprises		$	0	$	218,696	$	0	$	218,696
	U.S. states, territories and municipalities			0		0		345		345
	Non-U.S. sovereign government, supranational
		and government related		0		233,987		0		233,987
	Corporate			0		362,243		0		362,243
	Other invested assets			0		0		17,976		17,976
Funds held – directly managed			$	0	$	814,926	$	18,321	$	833,247
Total			$	789,160	$	14,964,739	$	790,421	$	16,544,320

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		Settlements		transfers		Balance		relating to
For the three months ended			beginning		included in		and		and		into/ (out of)		at end		assets held at
September 30, 2013			of period		net income		issuances		sales ⁽¹⁾		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	219,163	$	8,431	$	61,706	$	(165)	$	0	$	289,135	$	8,431
	Corporate			99,896		(269)		0		0		0		99,627		(269)
	Asset-backed securities			426,288		4,800		86,442		(63,777)		0		453,753		(3,043)
Fixed maturities			$	745,347	$	12,962	$	148,148	$	(63,942)	$	0	$	842,515	$	5,119
Equities
	Finance		$	13,000	$	1,285	$	0	$	0	$	0	$	14,285	$	1,285
	Communications			2,040		103		0		0		0		2,143		103
	Technology			8,012		1,138		0		0		0		9,150		1,138
	Mutual funds and exchange
		traded funds		7,549		125		0		0		0		7,674		125
Equities			$	30,601	$	2,651	$	0	$	0	$	0	$	33,252	$	2,651
Other invested assets
	Derivatives, net		$	2,333	$	(1,885)	$	0	$	(1,395)	$	0	$	(947)	$	(140)
	Notes and loan receivables and
		notes securitization		44,224		3,250		1,248		(941)		0		47,781		3,250
	Annuities and residuals			30,555		413		0		(4,029)		0		26,939		166
	Private equities			21,100		(299)		1,077		0		0		21,878		(299)
Other invested assets			$	98,212	$	1,479	$	2,325	$	(6,365)	$	0	$	95,651	$	2,977
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	337	$	(39)	$	0	$	0	$	0	$	298	$	(39)
	Other invested assets			15,207		1,045		0		(686)		0		15,566		1,045
Funds held – directly managed			$	15,544	$	1,006	$	0	$	(686)	$	0	$	15,864	$	1,006
Total			$	889,704	$	18,098	$	150,473	$	(70,993)	$	0	$	987,282	$	11,753

Settlements and sales of asset-backed securities and derivatives include sales of $13.7 million and $1.4 million, respectively.

					Realized and										Change in
						unrealized										unrealized
						investment						Net				investment gains
				Balance at		gains (losses)		Purchases		Settlements		transfers		Balance		(losses) relating
For the three months ended			beginning		included in		and		and		(out of)/ into		at end of		to assets held
September 30, 2012			of period		net income		issuances		sales		Level 3		period		at end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	117,235	$	1,618	$	90,050	$	(83)	$	0	$	208,820	$	1,618
	Corporate			111,070		681		56		(3,250)		0		108,557		582
	Asset-backed securities			290,371		699		59,724		(21,605)		0		329,189		739
Fixed maturities			$	518,676	$	2,998	$	149,830	$	(24,938)	$	0	$	646,566	$	2,939
Equities
	Finance		$	19,422	$	750	$	0	$	0	$	(6,800)	$	13,372	$	750
	Technology			7,192		(99)		0		0		0		7,093		(99)
	Mutual funds and exchange
		traded funds		6,760		311		0		0		0		7,071		311
Equities			$	33,374	$	962	$	0	$	0	$	(6,800)	$	27,536	$	962
Other invested assets
	Derivatives, net		$	1,207	$	3,152	$	0	$	0	$	0	$	4,359	$	4,168
	Notes and loan receivables and
		notes securitization		44,304		3,473		1,209		(19,958)		0		29,028		1,654
	Annuities and residuals			27,225		6,314		23,642		(14,899)		0		42,282		2,641
	Private equities			1,000		(141)		450		0		0		1,309		(141)
Other invested assets			$	73,736	$	12,798	$	25,301	$	(34,857)	$	0	$	76,978	$	8,322
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	321	$	8	$	0	$	0	$	0	$	329	$	8
	Other invested assets			15,076		2,460		0		0		0		17,536		2,460
Funds held – directly managed			$	15,397	$	2,468	$	0	$	0	$	0	$	17,865	$	2,468
Total			$	641,183	$	19,226	$	175,131	$	(59,795)	$	(6,800)	$	768,945	$	14,691

															Change in
						Realized and										unrealized
						unrealized										investment
						investment						Net				(losses) gains
				Balance at		(losses) gains		Purchases		Settlements		transfers		Balance		relating to
For the nine months ended			beginning		included in		and		and		into/ (out of)		at end		assets held at
September 30, 2013			of period		net income		issuances ⁽¹⁾		sales ⁽²⁾		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	233,235	$	(5,427)	$	61,706	$	(379)	$	0	$	289,135	$	(5,427)
	Corporate			100,904		(1,277)		0		0		0		99,627		(1,277)
	Asset-backed securities			323,134		478		241,607		(111,466)		0		453,753		(7,182)
Fixed maturities			$	657,273	$	(6,226)	$	303,313	$	(111,845)	$	0	$	842,515	$	(13,886)
Equities
	Finance		$	13,477	$	808	$	0	$	0	$	0	$	14,285	$	808
	Communications			0		103		2,040		0		0		2,143		103
	Technology			6,987		2,163		0		0		0		9,150		2,163
	Mutual funds and exchange
		traded funds		7,264		410		0		0		0		7,674		410
Equities			$	27,728	$	3,484	$	2,040	$	0	$	0	$	33,252	$	3,484
Other invested assets
	Derivatives, net		$	3,911	$	(6,084)	$	121	$	1,105	$	0	$	(947)	$	(349)
	Notes and loan receivables and
		notes securitization		34,902		1,867		14,598		(3,586)		0		47,781		1,867
	Annuities and residuals			46,882		506		0		(20,449)		0		26,939		481
	Private equities			1,404		(3,811)		24,285		0		0		21,878		(3,811)
Other invested assets			$	87,099	$	(7,522)	$	39,004	$	(22,930)	$	0	$	95,651	$	(1,812)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	345	$	(47)	$	0	$	0	$	0	$	298	$	(47)
	Other invested assets			17,976		(1,653)		0		(757)		0		15,566		(589)
Funds held – directly managed			$	18,321	$	(1,700)	$	0	$	(757)	$	0	$	15,864	$	(636)
Total			$	790,421	$	(11,964)	$	344,357	$	(135,532)	$	0	$	987,282	$	(12,850)

(1) Purchases and issuances of derivatives include issuances of $0.8 million.

(2) Settlements and sales of asset-backed securities, derivatives and annuities and residuals include sales of $13.7 million, $1.4 million and $6.3 million, respectively.

															Change in
						Realized and										unrealized
						unrealized										investment
						investment						Net				gains (losses)
				Balance at		gains (losses)		Purchases		Settlements		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⁾		sales		Level 3		of period		end of period
Fixed maturities
	U.S. states, territories
		and municipalities	$	111,415	$	2,900	$	94,750	$	(245)	$	0	$	208,820	$	2,900
	Corporate			111,700		111		120		(3,374)		0		108,557		(2)
	Asset-backed securities			257,415		8,892		142,314		(79,432)		0		329,189		8,771
Fixed maturities			$	480,530	$	11,903	$	237,184	$	(83,051)	$	0	$	646,566	$	11,669
Equities
	Finance		$	9,670	$	3,702	$	6,800	$	0	$	(6,800)	$	13,372	$	3,702
	Technology			0		(99)		7,192		0		0		7,093		(99)
	Mutual funds and exchange
		traded funds		6,495		576		0		0		0		7,071		576
Equities			$	16,165	$	4,179	$	13,992	$	0	$	(6,800)	$	27,536	$	4,179
Other invested assets
	Derivatives, net		$	5,622	$	4,157	$	(5,420)	$	0	$	0	$	4,359	$	4,874
	Notes and loan receivables
		and notes securitization		63,565		9,944		36,834		(81,315)		0		29,028		2,402
	Annuities and residuals			27,840		8,661		25,065		(19,284)		0		42,282		3,543
	Private equities			0		(141)		1,450		0		0		1,309		(141)
Other invested assets			$	97,027	$	22,621	$	57,929	$	(100,599)	$	0	$	76,978	$	10,678
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	334	$	(5)	$	0	$	0	$	0	$	329	$	(5)
	Other invested assets			15,433		2,103		0		0		0		17,536		2,103
Funds held – directly managed			$	15,767	$	2,098	$	0	$	0	$	0	$	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.

Fair Value Inputs Assets Quantitative Information [Table Text Block]

Range

September 30, 2013

Fair value

Valuation techniques

Unobservable inputs

(Weighted average)

Fixed maturities

U.S. states, territories and municipalities

289,135

Discounted cash flow

Credit spreads

2.8% - 10.1% (3.7%)

Asset-backed securities – interest only

Discounted cash flow

Credit spreads

6.0% - 11.2% (9.0%)

Prepayment speed

20.0% (20.0%)

Asset-backed securities – other

453,728

Discounted cash flow

Credit spreads

4.0% - 12.2% (7.2%)

Equities

Finance

14,285

Weighted market

Net income multiple

14.6 (14.6)

comparables

Tangible book value multiple

1.1 (1.1)

Liquidity discount

25.0% (25.0%)

Comparable return

10.0% (10.0%)

Technology

9,150

Weighted market

Revenue multiple

2.0 (2.0)

comparables

Adjusted earnings multiple

12.9 (12.9)

Liquidity discount

25.0% (25.0%)

Comparable return

14.2% (14.2%)

Communications

2,143

Weighted market

Adjusted earnings multiple

10.2 (10.2)

comparables

Comparable return

5% (5%)

Other invested assets

Total return swaps

(732)

Discounted cash flow

Credit spreads

20.2% (20.2%)

Notes and loan receivables

27,674

Discounted cash flow

Credit spreads

17.5% (17.5%)

Gross revenue/fair value

1.2 - 1.6 (1.5)

Notes securitization

20,107

Discounted cash flow

Credit spreads

6.4% (6.4%)

Annuities and residuals

26,939

Discounted cash flow

Credit spreads

4.6% - 9.0% (6.4%)

Prepayment speed

0% - 15.0% (7.0%)

Constant default rate

0.3% - 35.0% (13.0%)

Private equity

15,259

Liquidation analysis

Net assets, as reported

100.0% (100.0%)

Recoverability of intangible assets

0% (0%)

Private equity fund

6,619

Lag reported market value

Net asset value, as reported

100.0% (100.0%)

Market adjustments

2.4% - 9.7% (4.6%)

Funds held – directly managed

Other invested assets

15,566

Lag reported market value

Net asset value, as reported

100.0% (100.0%)

Market adjustments

-12.9% - 0% (-11.4%)

Range

December 31, 2012

Fair value

Valuation techniques

Unobservable inputs

(Weighted average)

Fixed maturities

U.S. states, territories and municipalities

233,235

Discounted cash flow

Credit spreads

2.8% - 4.5% (3.7%)

Asset-backed securities – interest only

12,625

Discounted cash flow

Credit spreads

6.8% - 11.7% (9.1%)

Prepayment speed

20.0% (20.0%)

Asset-backed securities – other

310,509

Discounted cash flow

Credit spreads

4.0% - 12.2% (7.6%)

Equities

Finance

13,477

Weighted market

comparables

Comparable return

0.8% (0.8%)

Technology

6,987

Weighted market

comparables

Comparable return

-1.5% (-1.5%)

Other invested assets

Total return swaps

6,084

Discounted cash flow

Credit spreads

2.6% - 4.6% (3.2%)

Notes and loan receivables

24,902

Discounted cash flow

Credit spreads

17.5% (17.5%)

Gross revenue/fair value

1.7 - 2.1 (1.8)

Notes securitization

10,000

Discounted cash flow

Credit spreads

6.5% (6.5%)

Annuities and residuals

46,882

Discounted cash flow

Credit spreads

4.7% - 9.9% (7.2%)

Prepayment speed

0% - 15.0% (7.6%)

Constant default rate

2.3% - 35.0% (13.2%)

Private equity fund

1,404

Lag reported market value

Net asset value, as reported

100.0% (100.0%)

Market adjustments

7.3% (7.3%)

Funds held – directly managed

Other invested assets

17,976

Lag reported market value

Net asset value, as reported

100.0% (100.0%)

Market adjustments

-38.1% - 0% (-12.1%)

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, 2013		September 30, 2012		September 30, 2013		September 30, 2012
Fixed maturities and short-term investments	$	10,259	$	150,046	$	(457,168)	$	230,862
Equities		(891)		51,260		(8,540)		69,068
Other invested assets		3,021		1,574		(4,047)		19,734
Funds held – directly managed		(907)		9,425		(22,322)		18,216
Total	$	11,482	$	212,305	$	(492,077)	$	337,880

Carrying values and fair values of financial instrument liabilities

	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt related to senior notes⁽¹⁾	$	750,000	$	852,507	$	750,000	$	859,367
Debt related to capital efficient notes ⁽²⁾		63,384		61,853		63,384		66,990

(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 Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012.

(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 Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012.

- 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.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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