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Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549-7010 USA Attention: Mr. Jim B. Rosenberg | May 22, 2017 |
Re: PartnerRe Ltd. Form 20-F for the Fiscal Year Ended December 31, 2016 Filed April 5, 2017 File No. 001-14536 |
1. | You refer on page 27 to your Middle East, Africa and Russia regional unit. Syria, located in the Middle East, and Sudan, located in Africa, are designated by the U.S. Department of State as state sponsors of terrorism, and are subject to U.S. economic sanctions and export controls. Your Form 20-F does not provide disclosure about those countries. Please describe to us the nature and extent of any past, current, and anticipated contacts with Sudan and Syria, whether through subsidiaries, affiliates, partners, customers or other direct or indirect arrangements. For instance, you disclose on page 27 that brokers Marsh (including Guy Carpenter) and Aon Group (including the Benfield Group) individually accounted for 10% or more of your 2016 total gross premiums. Both of these companies have reported insurance business involving Syria and Sudan in publicly available letters submitted to this agency within the past three years. You should describe any services, products, information or technology you have provided to Sudan or Syria, directly or indirectly, and any agreements, commercial arrangements, |
PartnerRe Ltd. Wellesley House South 90 Pitts Bay Road Pembroke HM 08 Bermuda | Phone +1 441 292 0888 Fax +1 441 292 7010 www.partnerre.com | |
i. | The PartnerRe Group does not have any office, assets, physical presence, operations, employees or agents in Sudan or Syria; |
ii. | Over the last three fiscal years, the PartnerRe Group has not made, and does not have current plans to have, any contacts with, nor provide any products or services to, the government of Syria, or entities controlled by the government of Syria or any entity that is otherwise targeted by applicable sanctions applicable to Syria. |
iii. | Over the last three fiscal years, a non-U.S. subsidiary of the Company, without the involvement of any U.S. person, has provided reinsurance coverage of agriculture and civil aviation risks to Sudanese insurance entities, either directly for agriculture risks or through the intermediary of a U.K. based broker for civil aviation risks. To our knowledge, such coverage has been compliant with the Sanctions Regulations applicable to that non-U.S. entity. |
iv. | Other than the reinsurance coverage detailed in this letter, to the best of the Company’s knowledge, no services, products, information or technology have been provided by the Company to Sudan and/or Syria and no agreements, commercial arrangements or other contacts have been made between the Company and the governments of Sudan and/or Syria or entities they control. |
2. | Please discuss the materiality of any contacts with Sudan and Syria you describe in response to the comment above, and whether those contacts constitute a material investment risk for your security holders. You should address materiality in quantitative terms, including the approximate dollar amounts of any associated revenues, assets, and liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company's reputation and share value. Various state and municipal governments, universities, and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. You should address the potential impact of the investor sentiment evidenced by such actions directed toward companies that have operations associated with Sudan and Syria. |
3. | Please amend your filing to include a letter from Deloitte as required pursuant to Item 16F(a)(3) of Form 20-F. |
4. | Please provide us an analysis demonstrating why further disaggregation of your net incurred and paid loss and loss expense development tables for property and casualty and specialty segments provided herein pursuant to ASC 944-40-50-4A through 50-4I is not required. In this regard, include in your analysis: |
• | why the property and casualty lines within your property and casualty segment are not presented as separate tables; |
• | why separate tables are not necessary within your property and casualty segment for each or any of the five regions: North America; Europe; Asia; Latin America; and Middle East, Africa and Russia to which the segment “provides holistic access to property and casualty risks;” and |
• | why separate tables are not necessary to present the separate lines of business within your specialty segment. |
a. | In quarterly earnings releases, in the Company’s annual report on Form 20-F, and in financial results presentations, annual plan and comparisons of actual against plan provided to executive management, the Audit Committee, the Board of Directors, rating agencies, and the Company’s sole common shareholder, the Company presents its financial results by three reportable segments: Property & Casualty (P&C), Specialty and Life & Health. |
b. | Information presented to and reviewed by the chief operating decision maker (CODM), the Company’s Chief Executive Officer (CEO), for evaluation of financial performance is presented on a segment basis. The CEO makes decisions regarding asset and capital allocations for the Company and monitors and assesses the Company’s operating performance at each of the reportable segment levels. In his role as the Company’s CODM, the CEO is aided by the Executive Committee, which includes a chief executive officer for each of the Company’s three segments. |
c. | Information presented to and reviewed by each of the segment leaders, in addition to the Company CEO, is presented at the segment level to evaluate financial performance at those reportable segment levels and to make resource allocation decisions. Each of these reportable segments is managed, and its financial results are presented on a centralized worldwide basis, under the leadership of the segment’s chief executive officer, who each report into the Company CEO. The focus on the segment management and presentation is on total reportable segment performance rather than geographical or line of business performance. |
5. | Please provide us an analysis explaining why incurred and paid loss and loss expense development tables for health insurance included in your life and health segment is not required by ASC 944-40-50-4A through 50I. |
/S/ MARIO BONACCORSO |
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