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.”
Was this article valuable?
Here are more articles you may enjoy.
Black Vultures Spreading North, Attacking and Killing Cattle 
Jamaica Catastrophe Bond Has Now Triggered, Government Says 
Jamaica to Get Record $70.8M Parametric Payout for Hurricane Melissa 
Satellite Data Reveals Hurricane Melissa Damage in Jamaica 
