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PartnerRe Ltd. (NYSE: PRE) today announced that it has completed its previously announced offering of 10 million shares of its 5.875% Series F Non-Cumulative Redeemable Preferred Shares (the “Series F Preferred Shares”), for gross proceeds of $250 million.
The Series F Preferred Shares, which have a liquidation preference of $25.00 per share, are expected to trade on the New York Stock Exchange under the symbol “PRE PrF”.
The Company intends to use the net proceeds of the offering, together with available cash, for the redemption of $290 million aggregate liquidation value of the Company’s outstanding 6.75% Series C Cumulative Redeemable Preferred Shares (the “Series C Preferred Shares”). The Company expects to redeem the Series C Preferred Shares on March 18, 2013 at a redemption price of $25 per share, plus accrued dividends.
Payment of the redemption price will be made upon presentation and surrender of the Series C Preferred Shares to Computershare Shareowner Services, Redemption Agent, by mail or by overnight delivery to 250 Royall Street, Canton MA 02021, Attention: Reorg Dept.
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 in its Non-life operations, mortality, longevity and accident and health in its Life operations, and alternative risk products. For the year ended December 31, 2012, total revenues were $5.6 billion. At December 31, 2012, total assets were $23.0 billion, total capital was $7.7 billion and total shareholders’ equity was $6.9 billion.