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PartnerRe Ltd. Announces Share Repurchase Authorization of Up To 7 Million Common Shares
PEMBROKE, Bermuda – 09 September, 2010 - PartnerRe Ltd. (NYSE,Euronext:PRE) today announced that its Board of Directors has approved a new share repurchase authorization up to a total of 7 million common shares, effective immediately. This replaces the prior authorization of 8 million common shares announced by the Company in February 2010. To date in 2010, the Company has repurchased a total of approximately 8.7 million common shares pursuant to prior authorizations.
From time to time, and depending on market conditions, the repurchase program will be accomplished in open market or privately negotiated transactions.
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, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion. At June 30, 2010, total assets were $23.6 billion, total capital was $7.9 billion and total shareholders' equity was $7.1 billion.
PartnerRe on the Internet: www.partnerre.com
Contacts:
PartnerRe Ltd: – Robin Sidders - (441) 292-0888
Media Contact: Celia Powell