Bermuda-based PartnerRe Ltd. announced the repurchase of 1,283,336 common shares in a privately negotiated transaction with an institutional shareholder. The shares, totaling approximately 1.7 percent of total common shares outstanding as of September 30, 2010 were purchased at a price per share of $77.50.
The total value of the shares repurchased was $99.5 million.
“The repurchase was carried out under the Company’s current authorization of up to 7 million shares, which was approved by the Board of Directors in September 2010,” said the bulletin.
“The Company has repurchased 3,176,295 common shares since September 30, 2010, and has 3,496,505 common shares remaining under the current authorization. From time to time, and depending on market conditions, the Company will continue the repurchase program in open market or privately negotiated or structured transactions.”
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