PartnerRe to Issue 10 Million Shares ($250 Million) of 5.875% Non-Cumulative Redeemable Preferred Shares

  PartnerRe to Issue 10 Million Shares ($250 Million) of 5.875% Non-Cumulative
  Redeemable Preferred Shares

Business Wire

PEMBROKE, Bermuda -- February 11, 2013

PartnerRe Ltd. (NYSE: PRE) today announced that it has priced an offering of
5.875% Series F Non-Cumulative Redeemable Preferred Shares (the “Series F
preferred shares”). The offering is expected to close on February 14, 2013,
subject to customary closing conditions.

In the offering, PartnerRe expects to issue 10 million shares ($250 million)
of Series F preferred shares. PartnerRe intends to apply for listing of the
Series F preferred shares on the New York Stock Exchange. If the application
is approved, trading is expected to begin within 30 days of issuance under the
symbol “PRE PrF”. The Series F preferred shares will pay dividends, when, as
and if declared, at an annual dividend rate of 5.875% and will have a
liquidation preference and redemption value of $25.00 per share. The Company
may redeem these shares at any time on or after March 1, 2018.

The Company intends to use the net proceeds of the offering, together with
available cash, for the redemption of $290 million aggregate liquidation value
of the Company’s outstanding Series C Cumulative Redeemable Preferred Shares.

UBS Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities
(USA) LLC, Merrill Lynch, Pierce, Fenner& Smith Incorporated and Wells Fargo
Securities, LLC acted as joint book-running managers for the offering. Senior
co-managers were Barclays Capital Inc. and RBC Capital Markets, LLC, and
co-managers were HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy any of these or any other securities, nor will there be any
sale of these or any other securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.

The offering of Series F preferred shares is being made pursuant to the
Company’s shelf registration statement filed with the United States Securities
and Exchange Commission (“SEC”) and will be made only by means of a prospectus
supplement and accompanying base prospectus, copies of which may be obtained
from UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue,
New York, New York, 10171, toll-free at 1-877-827-6444 (ext 561 3884),
Citigroup Global Markets Inc. c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, toll-free at 1-800-831-9146, Credit Suisse
Securities (USA) LLC Attention: Prospectus Department, One Madison Avenue, New
York, New York, 10010, toll-free at 1-800-221-1037, Merrill Lynch, Pierce,
Fenner& Smith Incorporated, 222 Broadway, 11th Floor, New York, New York
10038, toll-free at 1-800-294-1322 or Wells Fargo Securities, LLC, 1525 West
W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, toll-free at
1-800-326-5897. You may also obtain these documents for free when they are
available by visiting EDGAR on the SEC web site at www.sec.gov.

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 in its Non-life operations, mortality,
longevity and accident and health in its Life operations, and alternative risk
products. For the year ended December 31, 2012, total revenues were $5.6
billion. At December 31, 2012, total assets were $23.0 billion, total capital
was $7.7 billion and total shareholders’ equity was $6.9 billion.

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