Bermuda-based PartnerRe Ltd. announced its successful cross-listing on both the NYSE and Euronext Paris stock exchanges.
The company said the cross-listing facility, effective immediately, is consistent with its “commitment to providing investors with a Euro-denominated, European-listed trading platform for PartnerRe shares, in addition to its listing on NYSE, where PartnerRe shares will continue to be traded in U.S. dollars.”
The cross-listing follows PartnerRe’s announcement earlier this year that it is acquiring Swiss-based multi-line reinsurer PARIS RE in a $2 billion stock-for-stock transaction, which ultimately positions PartnerRe as a top 5 global reinsurer.
President & CEO Patrick Thiele commented: “This is an exciting development for PartnerRe as it demonstrates the truly global nature of the PartnerRe franchise, as well as our commitment to our worldwide investor base. With the acquisition of PARIS RE, our increased capital and asset base, and a larger, more diversified global mix of business, a cross-listing in Europe is the next logical step in our evolution.
“These developments provide us greater strategic and financial flexibility such that we expect to achieve enhanced risk-adjusted returns thereby generating additional long-term value for our shareholders.”
Source: PartnerRe – www.partnerre.com
Topics Mergers & Acquisitions
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