Fair Value (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2013			(Level 1)		(Level 2)		(Level 3)		Total
Fixed maturities
	U.S. government and government sponsored enterprises		$	0	$	1,623,859	$	0	$	1,623,859
	U.S. states, territories and municipalities			0		16,207		108,380		124,587
	Non-U.S. sovereign government, supranational
		and government related		0		2,353,699		0		2,353,699
	Corporate			0		6,048,663		0		6,048,663
	Asset-backed securities			0		691,654		446,577		1,138,231
	Residential mortgage-backed securities			0		2,268,517		0		2,268,517
	Other mortgage-backed securities			0		35,747		0		35,747
Fixed maturities			$	0	$	13,038,346	$	554,957	$	13,593,303
Short-term investments			$	0	$	13,546	$	0	$	13,546
Equities
	Real estate investment trusts		$	175,796	$	0	$	0	$	175,796
	Energy			159,509		0		0		159,509
	Insurance			144,020		0		0		144,020
	Finance			108,944		9,556		20,207		138,707
	Consumer noncyclical			108,663		0		0		108,663
	Communications			70,792		0		2,199		72,991
	Technology			53,768		0		7,752		61,520
	Industrials			47,677		0		0		47,677
	Consumer cyclical			45,915		0		0		45,915
	Utilities			37,151		0		0		37,151
	Other			19,993		0		0		19,993
	Mutual funds and exchange traded funds			61,902		139,322		7,887		209,111
Equities			$	1,034,130	$	148,878	$	38,045	$	1,221,053
Other invested assets
	Derivative assets
		Foreign exchange forward contracts	$	0	$	1,249	$	0	$	1,249
		Futures contracts		41,031		0		0		41,031
		Total return swaps		0		0		79		79
		Interest rate swaps		0		2,147		0		2,147
		TBAs		0		2		0		2
	Other
		Notes and loan receivables and notes securitization		0		0		41,446		41,446
		Annuities and residuals		0		0		24,064		24,064
		Private equities		0		0		39,131		39,131
	Derivative liabilities
		Foreign exchange forward contracts		0		(8,648)		0		(8,648)
		Foreign currency option contracts		0		(535)		0		(535)
		Credit default swaps (protection purchased)		0		(71)		0		(71)
		Insurance-linked securities		0		0		(268)		(268)
		Total return swaps		0		0		(599)		(599)
		Interest rate swaps		0		(2,558)		0		(2,558)
		TBAs		0		(1,331)		0		(1,331)
Other invested assets			$	41,031	$	(9,745)	$	103,853	$	135,139
Funds held – directly managed
	U.S. government and government sponsored enterprises		$	0	$	157,296	$	0	$	157,296
	U.S. states, territories and municipalities			0		0		286		286
	Non-U.S. sovereign government, supranational
		and government related		0		137,186		0		137,186
	Corporate			0		248,947		0		248,947
	Short-term investments			0		2,426		0		2,426
	Other invested assets			0		0		15,165		15,165
Funds held – directly managed			$	0	$	545,855	$	15,451	$	561,306
Total			$	1,075,161	$	13,736,880	$	712,306	$	15,524,347

			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		(losses) gains		Purchases		Settlements		transfers		Balance		relating to
For the year ended			beginning		included in		and		and		into/ (out of)		at end		assets held at
December 31, 2013			of year		net income		issuances ⁽¹⁾		sales ⁽²⁾		Level 3		of year		end of year
Fixed maturities
	U.S. states, territories
		and municipalities	$	233,235	$	(4,440)	$	103,860	$	(224,275)	$	0	$	108,380	$	1,234
	Corporate			100,904		(2,271)		0		(98,633)		0		0		0
	Asset-backed securities			323,134		(1,339)		301,477		(176,695)		0		446,577		(9,018)
Fixed maturities			$	657,273	$	(8,050)	$	405,337	$	(499,603)	$	0	$	554,957	$	(7,784)
Equities
	Finance		$	13,477	$	1,730	$	5,000	$	0	$	0	$	20,207	$	1,730
	Communications			0		159		2,040		0		0		2,199		159
	Technology			6,987		765		0		0		0		7,752		765
	Mutual funds and exchange
		traded funds		7,264		623		0		0		0		7,887		623
Equities			$	27,728	$	3,277	$	7,040	$	0	$	0	$	38,045	$	3,277
Other invested assets
	Derivatives, net		$	3,911	$	(6,136)	$	121	$	1,316	$	0	$	(788)	$	(69)
	Notes and loan receivables and
		notes securitization		34,902		936		15,732		(10,124)		0		41,446		936
	Annuities and residuals			46,882		1,107		0		(23,925)		0		24,064		877
	Private equities			1,404		(6,358)		44,085		0		0		39,131		(6,358)
Other invested assets			$	87,099	$	(10,451)	$	59,938	$	(32,733)	$	0	$	103,853	$	(4,614)
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	345	$	(59)	$	0	$	0	$	0	$	286	$	(59)
	Other invested assets			17,976		(2,054)		0		(757)		0		15,165		(990)
Funds held – directly managed			$	18,321	$	(2,113)	$	0	$	(757)	$	0	$	15,451	$	(1,049)
Total			$	790,421	$	(17,337)	$	472,315	$	(533,093)	$	0	$	712,306	$	(10,170)

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

(2) Settlements and sales of U.S. states, territories and municipalities, asset-backed securities, derivatives and annuities and residuals include sales of $223.7 million, $13.7 million, $1.2 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 year ended			beginning		included in		and		and		out of		at end		assets held at
December 31, 2012			of year		net income		issuances ⁽¹⁾		sales ⁽²⁾		Level 3		of year		end of year
Fixed maturities
	U.S. states, territories
		and municipalities	$	111,415	$	4,854	$	117,650	$	(684)	$	0	$	233,235	$	4,854
	Corporate			111,700		(948)		120		(9,968)		0		100,904		(1,066)
	Asset-backed securities			257,415		12,241		235,402		(181,924)		0		323,134		8,334
Fixed maturities			$	480,530	$	16,147	$	353,172	$	(192,576)	$	0	$	657,273	$	12,122
Equities
	Finance		$	9,670	$	3,816	$	6,800	$	(9)	$	(6,800)	$	13,477	$	3,809
	Technology			0		(205)		7,192		0		0		6,987		(205)
	Mutual funds and exchange
		traded funds		6,495		769		0		0		0		7,264		769
Equities			$	16,165	$	4,380	$	13,992	$	(9)	$	(6,800)	$	27,728	$	4,373
Other invested assets
	Derivatives, net		$	5,622	$	3,832	$	(5,543)	$	0	$	0	$	3,911	$	2,306
	Notes and loan receivables
		and notes securitization		63,565		6,773		63,894		(99,330)		0		34,902		(984)
	Annuities and residuals			27,840		11,621		30,683		(23,262)		0		46,882		5,944
	Private equities			0		(46)		1,450		0		0		1,404		(46)
Other invested assets			$	97,027	$	22,180	$	90,484	$	(122,592)	$	0	$	87,099	$	7,220
Funds held – directly managed
	U.S. states, territories
		and municipalities	$	334	$	11	$	0	$	0	$	0	$	345	$	11
	Other invested assets			15,433		2,543		0		0		0		17,976		2,543
Funds held – directly managed			$	15,767	$	2,554	$	0	$	0	$	0	$	18,321	$	2,554
Total			$	609,489	$	45,261	$	457,648	$	(315,177)	$	(6,800)	$	790,421	$	26,269

Purchases and issuances of derivatives includes issuances of $5.8 million.
Settlements and sales of notes and loan receivables and notes securitization include sales of $4.7 million.

Fair Value Inputs Assets Quantitative Information [Table Text Block]

Range

December 31, 2013

Fair value

Valuation techniques

Unobservable inputs

(Weighted average)

Fixed maturities

U.S. states, territories and municipalities

108,380

Discounted cash flow

Credit spreads

2.9% - 9.9% (5.3%)

Asset-backed securities – interest only

Discounted cash flow

Credit spreads

5.5% - 10.7% (8.8%)

Asset-backed securities – other

446,556

Discounted cash flow

Credit spreads

4.0% - 12.2% (7.1%)

Equities

Finance

15,483

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

8.5% (8.5%)

Finance

4,724

Profitability analysis

Projected return on equity

14.0% (14.0%)

Communications

2,199

Weighted market

Adjusted earnings multiple

9.4 (9.4)

comparables

Comparable return

0% (0%)

Technology

7,752

Weighted market

Revenue multiple

0.9 (0.9)

comparables

Adjusted earnings multiple

4.4 (4.4)

Other invested assets

Total return swaps

(520)

Discounted cash flow

Credit spreads

2.8% - 18.9% (17.0%)

Notes and loan receivables

21,280

Discounted cash flow

Credit spreads

17.5% (17.5%)

Gross revenue/fair value

1.5 (1.5)

Notes securitization

20,166

Discounted cash flow

Credit spreads

6.2% (6.2%)

Annuities and residuals

24,064

Discounted cash flow

Credit spreads

4.0% - 7.9% (5.8%)

Prepayment speed

0% - 15.0% (6.4%)

Constant default rate

0.3% - 35.0% (12.4%)

Private equity - direct

11,742

Discounted cash flow and

Net income multiple

8.3 (8.3)

weighted market

Tangible book value multiple

1.6 (1.6)

comparables

Recoverability of intangible assets

0% (0%)

Private equity funds

8,993

Lag reported market value

Net asset value, as reported

100.0% (100.0%)

Market adjustments

1.8% - 9.8% (8.3%)

Private equity - other

18,396

Discounted cash flow

Credit spreads

3.8% (3.8%)

Funds held – directly managed

Other invested assets

15,165

Lag reported market value

Net asset value, as reported

100.0% (100.0%)

Market adjustments

-22.9% - 0% (-15.5%)

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

	2013		2012		2011
Fixed maturities and short-term investments	$	(525,787)	$	186,063	$	128,224
Equities		118,010		66,253		(101,860)
Other invested assets		(6,970)		18,732		(24,839)
Funds held – directly managed		(27,850)		7,969		5,853
Total	$	(442,597)	$	279,017	$	7,378

Carrying values and fair values of financial instrument liabilities

	December 31, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt related to senior notes⁽¹⁾	$	750,000	$	844,331	$	750,000	$	859,367
Debt related to capital efficient notes ⁽²⁾		63,384		61,094		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 Consolidated Balance Sheets at December 31, 2013 and 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 Consolidated Balance Sheets at December 31, 2013 and 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.

+ References+ Details

- 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.

+ References+ Details

- 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.

+ References+ Details