PartnerRe Ltd. Establishes New Companion Facility, Lorenz Re
PEMBROKE, Bermuda -- March 25, 2013
PartnerRe Ltd. (NYSE: PRE) today announced the formation of Lorenz Re Ltd., a
Special Purpose Insurer domiciled in Bermuda. Lorenz Re was capitalized with
$75 million through the issuance of multiple classes of preference shares. It
will provide additional capacity to PartnerRe on a diversified portfolio of
catastrophe reinsurance treaties over a multi-year period.
Costas Miranthis, President and Chief Executive Officer of PartnerRe said,
“Lorenz Re allows us to provide additional capacity to a number of our clients
while optimizing the deployment of our capital. Investors will benefit from
PartnerRe’s twenty years of experience and expertise in the catastrophe
market, as well as access to our diversified portfolio of catastrophe risks.”
Aon Benfield Securities, Inc. acted as advisor on the transaction. Prime
Management Limited, a Bermuda company specializing in the administration of
investment funds and special purpose insurance vehicles, will serve as the
insurance manager of Lorenz Re.
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.
Investor: Robin Sidders
Media: Celia Powell
Sard Verbinnen & Co
Drew Brown/Daniel Goldstein
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