Exhibit 99.1
News Release PartnerRe
PartnerRe Completes Offering of PEPS Units and
Trust Preferred Securities
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PEMBROKE, BERMUDA, November 21, 2001. PartnerRe Limited (NYSE:PRE) today has
completed its previously announced concurrent offerings of mandatory convertible
PEPS units and trust preferred securities, resulting in net proceeds to the
company of $363.5 million.
PartnerRe also granted the underwriters of the PEPS units an option to purchase
an additional 500,000 units to cover over-allotments. This option was exercised
on November 21, 2001 and will result in additional net proceeds of $24.2
million.
PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. Risks reinsured include property, catastrophe,
agriculture, automobile, casualty, marine, aviation/space, credit/surety,
technical and miscellaneous lines, life/annuity and health. In 2000 total
revenues were $1.5 billion. As of September 30, 2001, total assets were $6.5
billion and total shareholders' equity was $1.8 billion.
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This press release contains forward-looking statements that are based upon the
Company's assumptions and expectations concerning future events and are
inherently subject to significant business, economic and competitive risks and
uncertainties, many of which, with respect to future business decisions, are
subject to change. These uncertainties and contingencies can affect actual
results and could cause actual results to differ materially from those expressed
in such forward-looking statements. These uncertainties and other factors
include, but are not limited to: the occurrence of catastrophic events with a
frequency or severity exceeding our expectations; a decrease in the level of
demand for reinsurance and/or an increase in the supply of reinsurance capacity;
increased competitive pressures, including the consolidation and increased
globalization of reinsurance providers' actual losses and loss expenses
exceeding our loss reserves, which are necessarily based on actuarial and
statistical projections of ultimate losses: changes in the cost, availability
and performance of retrocessional reinsurance, including the ability to collect
reinsurance recoverables; concentration risk in dealing with a limited number of
brokers; developments in and risks associated with global financial markets
which could affect our investment portfolio; changing rates of inflation and
other economic conditions; losses due to foreign currency exchange rate
fluctuations; or changes in the legal or regulatory environments in which we
operate, including the passage of federal or state legislation subjecting
Partner Reinsurance Company Ltd. or PartnerRe SA to supervision or regulation,
including additional tax regulation, in the United States or other jurisdictions
in which we operate. The foregoing review of important factors should not be
construed as exhaustive. The words "believe," "anticipate," "estimate,"
"project," "plan," "expect," "intend," "hope," "will likely result" or "will
continue" or words of similar impact generally involve forward-looking
statements. We caution readers not to place undue reliance on these
forward-looking statements, which speak only as of their dates. We undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
PartnerRe Ltd. Telephone +1 441 292 0888
96 Pitts Bay Road Fax +1 441 292 6080
Bermuda www.partnerre.com
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Contacts:
PartnerRe Ltd.
(441) 292-0888
Investor Contact: Harold C. Hoeg, Group Treasurer
Media Contact: Celia Powell, Corporate Communications
Citigate Sard Verbinnen
(212) 687-8080
Jim Barron/Hallie Bozzi