PartnerRe is a global reinsurance company that assumes risk from insurance companies (cedants) seeking to reduce their exposure to large or catastrophic losses. PartnerRe operates across three segments: P&C (roughly 52% of gross premiums written), Specialty (roughly 25%), and Life and Health (roughly 23%). The P&C segment covers property catastrophe, facultative risks, and U.S. health. Specialty covers marine, aviation, energy, engineering, and credit and surety. Life and Health covers mortality, morbidity, longevity, and financial solutions, and carries longer-tailed liabilities than the non-life segments. PartnerRe sells through reinsurance brokers and direct cedant relationships, with two brokers each accounting for roughly 25-30% of gross premiums written. PartnerRe uses two main contract structures: proportional (quota share), where PartnerRe takes a fixed share of premiums and losses, and non-proportional (excess of loss), where PartnerRe pays losses above a retention threshold. PartnerRe earns money through underwriting profit and investment income generated from its float. PartnerRe also buys retrocession coverage to cap losses from very large events. PartnerRe is privately held, owned by Covéa Coopérations, a French mutual insurance group, though its preferred shares remain listed on the NYSE. PartnerRe operates globally, with principal entities in Bermuda, Ireland, the U.S., Singapore, and Canada.