PartnerRe Announces the Reorganization of its Business Support Operations
PEMBROKE, Bermuda -- April 17, 2013
PartnerRe Ltd. (NYSE: PRE) today announced the restructuring of its business
support operations into a single integrated worldwide support platform. The
purpose is to provide shared support services on a global basis across the
Group, and will result in enhanced organizational flexibility and greater
operational efficiency Company-wide.
The new organizational structure will result in the reduction of approximately
140 positions spread across multiple PartnerRe locations worldwide, inclusive
of a small number of redundancies resulting from organizational changes in
PartnerRe’s Global Non-Life Operations, as announced earlier this week.
The Company expects to achieve annual savings of between $60 million and $70
million, pre-tax, with the majority of expense savings achieved by the end of
As a result, the Company expects to record a charge, totaling between $60
million and $70 million, pre-tax, related to the restructuring. This charge
will be recorded principally in the Company’s second quarter 2013 results. No
charges will be recorded in the Company’s first quarter 2013 results.
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.
Robin Sidders, 441-292-0888
Celia Powell, 441-292-0888
Eija Tuulensuu +41 44 385 3627
Natalia Vayner-Heyraud, +33 1 44 01 37 31
Sard Verbinnen & Co
Drew Brown/Daniel Goldstein, 212-687-8080
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