PEMBROKE, Bermuda--(BUSINESS WIRE)--
PartnerRe Ltd. (NYSE: PRE) today announced that it has completed its
previously announced offering of 10 million shares of its 5.875% Series
F Non-Cumulative Redeemable Preferred Shares (the “Series F Preferred
Shares”), for gross proceeds of $250 million.
The Series F Preferred Shares, which have a liquidation preference of
$25.00 per share, are expected to trade on the New York Stock Exchange
under the symbol “PRE PrF”.
The Company intends to use the net proceeds of the offering, together
with available cash, for the redemption of $290 million aggregate
liquidation value of the Company’s outstanding 6.75% Series C Cumulative
Redeemable Preferred Shares (the “Series C Preferred Shares”). The
Company expects to redeem the Series C Preferred Shares on March 18,
2013 at a redemption price of $25 per share, plus accrued dividends.
Payment of the redemption price will be made upon presentation and
surrender of the Series C Preferred Shares to Computershare Shareowner
Services, Redemption Agent, by mail or by overnight delivery to 250
Royall Street, Canton MA 02021, Attention: Reorg Dept.
PartnerRe Ltd. is a leading global reinsurer, providing multi-line
reinsurance to insurance companies. The Company, through its wholly
owned subsidiaries, also offers capital markets products that include
weather and credit protection to financial, industrial and service
companies. Risks reinsured include property, casualty, motor,
agriculture, aviation/space, catastrophe, credit/surety, engineering,
energy, marine, specialty property, specialty casualty, multiline and
other lines in its Non-life operations, mortality, longevity and
accident and health in its Life operations, and alternative risk
products. For the year ended December 31, 2012, total revenues were $5.6
billion. At December 31, 2012, total assets were $23.0 billion, total
capital was $7.7 billion and total shareholders’ equity was $6.9 billion.
Investor Contact: Robin
Media Contact: Celia Powell
Drew Brown/Daniel Goldstein
Source: PartnerRe Ltd.