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PartnerRe Ltd. Announces Accelerated Share Repurchase of 2 Million Common Shares
These shares will be purchased by PartnerRe from Deutsche Bank AG London Branch (Deutsche Bank), or one of its affiliates, on December 30, 2004, at a price equal to the closing price of PartnerRe common stock on December 29, 2004, subject to adjustment upon final settlement of the repurchase transaction. Under the accelerated share repurchase agreement, Deutsche Bank expects to purchase 2 million shares of PartnerRe common stock in the open market over the next 12 months, although this period can be extended under certain circumstances.
In May 2004, PartnerRe's Board of Directors authorized the repurchase of up to 5 million common shares. Following the accelerated share repurchase transaction, the Company will have approximately 2.1 million shares remaining under its current repurchase authorization.
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PartnerRe Ltd. is a leading global reinsurer, providing multi-linereinsurance to insurance companies. Risks reinsured include property,casualty, motor, agriculture, aviation/space, catastrophe, credit/surety,engineering/energy, marine, special risks, other lines, life/annuity and health, and alternative risk transfer solutions. Total revenues were $3.9 billion in 2003. As of September 30, 2004, total assets were $11.9 billion, total capitalization was $3.4 billion and total shareholders' equity was $2.8 billion. Our major reinsurance operations have ratings of AA- from Standard & Poor's, Aa3 from Moody's, A+ from A.M. Best, and AA from Fitch.
PartnerRe on the Internet: www.partnerre.com
Contacts:
PartnerRe Ltd.
(441) 292-0888
Investor Contact: Robin Sidders, Investor Relations
Media Contact: Celia Powell, Corporate Communications
Citigate Sard Verbinnen
(212) 687-8080
Jim Barron/Hallie Bozzi