EX-99.1
2
dp15835_ex9901.htm
EXHIBIT 99.1
Exhibit
99.1
News Release
PartnerRe
Completes Acquisition of PARIS RE
PEMBROKE, Bermuda, December 7, 2009
--
PartnerRe Ltd. (NYSE, Euronext:PRE) today
announced that it
completed its acquisition of 100% of the outstanding common shares of PARIS RE
Holdings Limited ("PARIS RE"), following the approval by PARIS RE's shareholders
today of the previously announced merger, governed by Swiss law, of PARIS RE
into a wholly-owned subsidiary of PartnerRe.
As a
result of the successful merger vote and completion of the merger, each
remaining PARIS RE common share not already owned by PartnerRe has been
exchanged into the right to receive 0.3018 PartnerRe common shares. This is the
same exchange ratio of 0.30 PartnerRe common shares for each PARIS RE common
share offered to PARIS RE common shareholders in prior purchases, as adjusted
for the payment of PartnerRe's dividend to its common shares on December 1, 2009
in accordance with the terms of the Transaction Agreement dated July 4, 2009, as
amended.
PartnerRe
continues to move forward with the integration of PARIS RE into PartnerRe. As
previously announced, the two companies will separately renew their respective
books of business at January 1, 2010.
Earlier,
PartnerRe announced its successful cross-listing on NYSE Euronext Paris,
effective today. This cross-listing provides investors with a Euro-denominated,
European-listed trading platform, in addition to PartnerRe's U.S. Dollar listing
on NYSE.
___________________________________________________
PartnerRe
is a leading global reinsurer, providing multi-line reinsurance to insurance
companies. The Company through its wholly owned subsidiaries also offers
alternative risk 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, other
lines, life/annuity and health, and alternative risk products. For the year
ended December 31, 2008, total revenues were $4.0 billion. Pro-forma combined
capital, which PartnerRe defines as total shareholders' equity, long-term debt,
senior notes and capital efficient notes, at June 30, 2009, reflecting the
acquisition of PARIS RE, was $7.2 billion and total assets were $23.5 billion.
At September 30, 2009, prior to the recognition of the full acquisition of PARIS
RE, PartnerRe capital was $5.8 billion and total assets were $17.8
billion.
PartnerRe on the Internet:
www.partnerre.com
PartnerRe
Ltd.
Telephone +1 441 292
0888
Wellesley House
South
Fax +1 441 292
6080
90 Pitts Bay
Road
www.partnerre.com
Bermuda HM
08
2
Contacts:
PartnerRe
Ltd.
Sard
Verbinnen
(441)
292-0888
(212)
687-8080
Investor
Contact: Robin Sidders
Drew
Brown/Jane Simmons
Media
Contact: Celia Powell

EX - 99 . 1 2 dp15835 _ ex9901 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 News Release PartnerRe Completes Acquisition of PARIS RE PEMBROKE , Bermuda , December 7 , 2009 -- PartnerRe Ltd . ( NYSE , Euronext : PRE ) today announced that it completed its acquisition of 100 % of the outstanding common shares of PARIS RE Holdings Limited ( " PARIS RE " ) , following the approval by PARIS RE 's shareholders today of the previously announced merger , governed by Swiss law , of PARIS RE into a wholly - owned subsidiary of PartnerRe . As a result of the successful merger vote and completion of the merger , each remaining PARIS RE common share not already owned by PartnerRe has been exchanged into the right to receive 0 . 3018 PartnerRe common shares . This is the same exchange ratio of 0 . 30 PartnerRe common shares for each PARIS RE common share offered to PARIS RE common shareholders in prior purchases , as adjusted for the payment of PartnerRe 's dividend to its common shares on December 1 , 2009 in accordance with the terms of the Transaction Agreement dated July 4 , 2009 , as amended . PartnerRe continues to move forward with the integration of PARIS RE into PartnerRe . As previously announced , the two companies will separately renew their respective books of business at January 1 , 2010 . Earlier , PartnerRe announced its successful cross - listing on NYSE Euronext Paris , effective today . This cross - listing provides investors with a Euro - denominated , European - listed trading platform , in addition to PartnerRe 's U . S . Dollar listing on NYSE . ___________________________________________________ PartnerRe is a leading global reinsurer , providing multi - line reinsurance to insurance companies . The Company through its wholly owned subsidiaries also offers alternative risk 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 , other lines , life / annuity and health , and alternative risk products . For the year ended December 31 , 2008 , total revenues were $ 4.0 billion . Pro - forma combined capital , which PartnerRe defines as total shareholders ' equity , long - term debt , senior notes and capital efficient notes , at June 30 , 2009 , reflecting the acquisition of PARIS RE , was $ 7.2 billion and total assets were $ 23.5 billion . At September 30 , 2009 , prior to the recognition of the full acquisition of PARIS RE , PartnerRe capital was $ 5.8 billion and total assets were $ 17.8 billion . PartnerRe on the Internet : www.partnerre.com PartnerRe Ltd . Telephone + 1 441 292 0888 Wellesley House South Fax + 1 441 292 6080 90 Pitts Bay Road www.partnerre.com Bermuda HM 08 2 Contacts : PartnerRe Ltd . Sard Verbinnen ( 441 ) 292 - 0888 ( 212 ) 687 - 8080 Investor Contact : Robin Sidders Drew Brown / Jane Simmons Media Contact : Celia Powell
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