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PartnerRe Ltd. Announces Acquisition of Presidio Specialty Accident & Health Underwriting Platform

  PartnerRe Ltd. Announces Acquisition of Presidio Specialty Accident & Health
  Underwriting Platform

Business Wire

PEMBROKE, Bermuda -- December 18, 2012

Regulatory News:

PartnerRe Ltd. (NYSE, Euronext: PRE) today announced a definitive agreement to
acquire California-based Presidio Reinsurance Group, a leading U.S. specialty
accident and health reinsurance and insurance writer.

PartnerRe will purchase the Presidio Reinsurance Group, comprised principally
of a Managing General Agency (MGA) and a reinsurance carrier. Under the terms
of the agreement, PartnerRe will pay $72 million as consideration for the MGA,
plus tangible book value as consideration for the Presidio reinsurance
carrier, with such book value to be determined at the time of the closing.
Additional consideration may be paid if the acquired business exceeds certain
profitability targets over time.

The Presidio Reinsurance Group currently underwrites approximately $250
million of accident and health premiums. The Presidio Reinsurance Group was
formed in 1994 and is a leading writer of HMO reinsurance and provider of
stop-loss insurance in the US. Additionally, it writes medical treaty
reinsurance, employer stop-loss insurance, and accident insurance and
reinsurance. The current management team of the Presidio Reinsurance Group
will be retained, including its founder and CEO, Dennis Heinzig.

PartnerRe President and CEO Costas Miranthis said: “We are very pleased to
announce the addition of this excellent franchise and management team to our
organization. Presidio is a leader in U.S. specialty accident and health
insurance and reinsurance, with an excellent 18-year track record of
underwriting profitability. We see significant opportunity in this market and
with Presidio’s experienced team and strong market position, we will be
well-positioned to take advantage of future growth opportunities.”

Mr. Miranthis added, “This acquisition is consistent with PartnerRe’s
long-standing diversified strategy and provides us with another specialty risk
class, which we do not currently access. The Presidio Accident & Health
business complements our portfolio well and has limited correlation with our
existing book of risks. As we continue to operate under somewhat challenging
market conditions, we expect this new risk class will add consistent
risk-adjusted profitability to the overall portfolio.”

The acquisition is subject to customary regulatory approvals and is expected
to be completed during the first quarter of 2013.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. The Company, through its wholly owned subsidiaries,
also offers capital markets products that include weather and credit
protection to financial, industrial and service companies. Risks reinsured
include property, casualty, motor, agriculture, aviation/space, catastrophe,
credit/surety, engineering, energy, marine, specialty property, specialty
casualty, multiline and other lines, mortality, longevity and health, and
alternative risk products. For the year ended December 31, 2011, total
revenues were $5.4 billion, and at September 30, 2012, total assets were $23.6
billion, total capital was $7.9 billion and total shareholders’ equity was
$7.1 billion.

PartnerRe on the Internet: www.partnerre.com

Forward-looking statements contained in this press release are based on the
Company’s assumptions and expectations concerning future events and financial
performance and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to
significant business, economic and competitive risks and uncertainties that
could cause actual results to differ materially from those reflected in the
forward-looking statements. PartnerRe’s forward-looking statements could be
affected by numerous foreseeable and unforeseeable events and developments
such as exposure to catastrophe, or other large property and casualty losses,
credit, interest, currency and other risks associated with the Company’s
investment portfolio, adequacy of reserves, levels and pricing of new and
renewal business achieved, changes in accounting policies, risks associated
with implementing business strategies, and other factors identified in the
Company’s filings with the Securities and Exchange Commission. In light of the
significant uncertainties inherent in the forward-looking information
contained herein, readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which they are
made. The Company disclaims any obligation to publicly update or revise any
forward-looking information or statements.

Contact:

PartnerRe Ltd.
441-292-0888
Investor Contact: Robin Sidders
Media Contact: Celia Powell
Sard Verbinnen & Co
212-687-8080
Drew Brown/Daniel Goldstein
 
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