PartnerRe Previews Q1 Results; to Redeem Preferred Shares

Bermuda-based PartnerRe Ltd. announced that it expects to report first quarter diluted net income per share between $2.20 and $2.24 and diluted operating earnings per share between $1.48 and $1.52. The estimates meet, or slightly exceed, analysts’ consensus forecast of $1.48 per share.

The announcement said that the “diluted operating earnings per share excludes the impact of approximately $0.72 per share of net after-tax realized investment gains included in diluted net income per share for the quarter.” It also indicated that it “expects to report diluted book value per share of approximately $35.50 as of March 31, 2003.”

PartnerRe expects to release its first quarter results following the market close on Monday, May 5, 2003 with a subsequent dial-in analyst conference call on Tuesday, May 6, 2003 at 10 a.m. Eastern time.

The Company also announced its intention “to issue $250 million in cumulative redeemable preferred securities pursuant to its currently effective shelf registration statement.” It “intends to use the net proceeds of the offering to redeem the PartnerRe Ltd. 8% Series A Cumulative Preferred Shares,” and “expects to issue a formal call notice on the outstanding 8% Series A preferred shares at their liquidation value of $25.00 plus accrued dividend upon settlement of the new issue of perpetual preferred shares.”