PartnerRe recorded operating earnings of $51.1 million, or $0.90 per share, compared to operating earnings of $142.0 million, or $2.20 per share, in Q2 2012. According to PartnerRe President and Chief Executive Officer Costas Miranthis, "I am pleased that despite above average catastrophe and other large loss activity, as well as a meaningful expense charge related to the organizational restructuring we announced earlier in the quarter, we had a profitable operating quarter. Our book value was impacted by mark-to-market losses on our fixed income portfolio as a result of the recent increase in interest rates. Despite the negative impact on book value during the quarter, we believe a higher interest rate environment is beneficial to our business over the longer term."