Pembroke, Bermuda: November 4 2002 - PartnerRe Ltd. (NYSE:PRE) today announced that it intends to offer 8 million Common Shares to the public under the terms of the shelf registration filed with the Securities and Exchange Commission in December, 2001.
The net proceeds from the offering will be used in part to repurchase 6 million Common Shares from certain affiliates of Swiss Reinsurance Company. The shares repurchased by PartnerRe will be cancelled and no longer outstanding. The remaining net proceeds will be used for general corporate purposes.
Swiss Re has advised Partner Re that it intends to reduce its investment in PartnerRe through the transaction in order to capitalize on market opportunities by allocating its capacity directly to its reinsurance business. The transaction is also in line with Swiss Re's strategy to reduce its equity exposure.
A preliminary prospectus supplement related to the public offering has been filed with the Securities and Exchange Commission.