Bermuda,-based PartnerRe Ltd announced the repurchase of 1,438,394 common shares in privately negotiated transactions.
“The shares, totaling approximately 1.7 percent of total common shares outstanding, were purchased at a price per share of $75.14 from certain former shareholders of PARIS RE, who were issued PartnerRe stock through the Company’s acquisition of PARIS RE, and who are parties to investor agreements with PartnerRe,” said the bulletin.
“The total value of the shares repurchased was $108.1 million. All terms of the original investor agreements with such former shareholders of PARIS RE, who were issued PartnerRe stock subject to lock-up provisions, remain in place for any unsold shares still held by those investors.
“The repurchase was carried out under the Company’s current authorization of up to 5 million shares, which was approved by the Board of Directors in September 2008. From time to time, and depending on market conditions, the Company will continue the repurchase program in open market or privately negotiated transactions.”
Source: PartnerRe – www.partnerre.com
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