PartnerRe Completes Offering of Series C Preferred Shares; Will Redeem Series A

May 12, 2003

Bermuda’s PartnerRe Ltd. announced that it has completed its offering of its Series C Cumulative Preferred Shares, resulting in net proceeds to the Company of $251.8 million.

“The Series C Shares will trade on the New York Stock Exchange under the symbol ‘PRE PrC,'” said the bulletin. It also indicated that the underwriters had exercised their option to purchase additional shares to cover over-allotments, “which will result in the issuance of 1.2 million additional Series C Preferred Shares and additional net proceeds to the Company of $29.1 million.”

PartnerRe Ltd. announced at the same time that it will call for redemption all of its outstanding Series A Cumulative Preferred Shares on June 9, 2003.

Separately, the Board of Directors declared a dividend for the period from June 1, 2003 to June 9, 2003 of $0.05 per 8% Series A Cumulative Preferred Share payable on June 9, 2003 to Series A Preferred shareholders of record on June 9, 2003. The redemption price will be $25 per Preferred Share, plus accrued and unpaid dividends, to and including, the redemption date. The dividends to be paid on June 2, 2003 to record holders on May 2, 2003 will be paid in the normal manner.

The company went on to state that “On and after the redemption date, the Preferred Shares will no longer be deemed to be outstanding, dividends on the Preferred Shares will cease to accrue, and all rights of the holders of the Preferred Shares will cease, except for the right to receive the redemption price, without interest thereon, upon surrender of certificates representing the Preferred Shares.” As of Friday, May 9, PartnerRe had 10,000,000 Series A Preferred Shares outstanding.

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