PEMBROKE, BERMUDA, November 8, 2002 - PartnerRe Ltd. (NYSE:PRE) today announced that it has priced its previously announced offering of 8 million common shares.
The shares are being issued at an initial price to the public of $48.27 per share. The offering is expected to close on November 14, 2002.
The net proceeds from the offering will be used in part to repurchase 6 million Common Shares from certain affiliates of Swiss Reinsurance Company at a price per share equal to the Company's net proceeds after commissions and fees. Those shares will then be cancelled and no longer outstanding. The remaining net proceeds will be used by PartnerRe for general corporate purposes.