General Re Announces Purchase of AXA Konzern’s Share of Joint Venture

General Re Corporation announces it has purchased AXA Konzern AG’s 49.9 percent shareholding in a Luxembourg-based joint venture company which owns 12,324,090 shares, or about 58.9 percent, of Kolnische Ruckversicherungs-Gesellschaft AG (“Cologne Re”) and approximately EUR 560 million in investments.

The purchase was made in accordance with the terms of General Re’s call option contained in its December 1994 joint venture agreement with AXA Konzern. That 1994 joint venture agreement prescribed a provisional purchase price of approximately EUR 700 million for General Re’s option to buy AXA Konzern’s interest in the Luxembourg company, subject to final adjustments currently being calculated. As a result of this transaction, General Re now directly owns 18.6 million shares of Cologne Re.