PartnerRe Completes PARIS RE Acquisition

Bermuda-based PartnerRe Ltd. announced that it has completed its acquisition of 100 percent of the outstanding common shares of PARIS RE Holdings Limited, following the approval by PARIS RE’s shareholders of the previously announced merger [See IJ web site – https://www.insurancejournal.com/news/international/2009/09/29/104138.htm].

The acquisition is governed by Swiss law. PARIS RE has accordingly become a wholly-owned subsidiary of PartnerRe.

“As a result of the successful merger vote and completion of the merger, each remaining PARIS RE common share not already owned by PartnerRe has been exchanged into the right to receive 0.3018 PartnerRe common shares,” the bulletin explained. “This is the same exchange ratio of 0.30 PartnerRe common shares for each PARIS RE common share offered to PARIS RE common shareholders in prior purchases, as adjusted for the payment of PartnerRe’s dividend to its common shares on December 1, 2009 in accordance with the terms of the Transaction Agreement dated July 4, 2009, as amended.”

In addition PartnerRe noted that it “continues to move forward with the integration of PARIS RE into PartnerRe. As previously announced, the two companies will separately renew their respective books of business at January 1, 2010.”

PartnerRe announced that, concurrent with the closing of the acquisition of PARIS RE, it has also listed its shares on the NYSE Euronext Paris [See IJ web site – https://www.insurancejournal.com/news/international/2009/12/08/105807.htm].

Source: PartnerRe – www.partnerre.com

Topics Mergers & Acquisitions