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Last $138.48 USD
Change Today -0.32 / -0.23%
Volume 708.4K
PRE On Other Exchanges
Symbol
Exchange
New York
Munich
As of 8:04 PM 09/3/15 All times are local (Market data is delayed by at least 15 minutes).

partnerre ltd (PRE) Key Developments

Wells Fargo To Sell Rural Community Insurance Agency

Wells Fargo & Company (NYSE:WFC) is mulling the sale of Rural Community Insurance Agency, Inc. Wells Fargo has launched an auction that could fetch more than $1 billion, sources said. Bidders could include PartnerRe Ltd. (NYSE:PRE), AXIS Capital Holdings Limited (NYSE:AXS), Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (DB:MUV2) and Allianz SE (DB:ALV), according to sources. When contacted by Reuters, Wells Fargo said it is reviewing strategic options Rural Community Insurance Services that may include a sale, excluding the Wells Fargo Insurance Crop Agency, its brokerage arm. "Wells Fargo regularly evaluates the strengths and strategic fit for each of its businesses. As our model continues to evolve, we are more focused on increasing cross-sell and growing the distribution side of the insurance business," according to Wells Fargo spokeswoman. Axis and PartnerRe declined to comment to Reuters.

PartnerRe Ltd. Declares Dividends on Series D Cumulative Redeemable Preferred Shares, Series E Cumulative Redeemable Preferred Shares and Series F Cumulative Redeemable Preferred Shares Payable on September 1, 2015

PartnerRe Ltd. announced that its Board of Directors has declared a dividend for the period June 1, 2015 August 31, 2015 of $0.40625 per share on the Company's 6.50% Series D Cumulative Redeemable Preferred Shares, $0.453125 per share on the Company's 7.25% Series E Cumulative Redeemable Preferred Shares, and $0.3671875 on the Company's 5.875% Series F Non-Cumulative Redeemable Preferred Shares. The dividends are payable on September 1, 2015, to shareholders of record on August 21, 2015.

AXIS Capital, PartnerRe Ltd. - M&A Call

The company terminated amalgamation agreement with AXIS Capital

PartnerRe Reportedly Open To Acquisition Talks With Exor

PartnerRe Ltd. (NYSE:PRE) is willing for negotiations of a potential merger with Exor S.p.A. (BIT:EXO) which initially offered $130 per share for PartnerRe in April 2015. Since then, Exor has increased its offer several times and is now offering $6.7 billion for PartnerRe. PartnerRe has reached out to Exor in recent days to schedule discussions, the people said this week. Exor, however, is waiting for PartnerRe's board to formulate and propose the terms of a potential agreement, one of the people added. Exor has said repeatedly that it would not go hostile by launching a tender offer for the PartnerRe shares.

PartnerRe Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

PartnerRe Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, total revenues were $1,192,520,000 against $1,658,018,000 a year ago. Loss before taxes and interest in losses of equity method investments was $111,032,000 against income before taxes and interest in earnings of equity method investments of $347,307,000 for the same period in the last year. Net loss attributable to the company’s common shareholders was $103,093,000 or $2.16 per diluted share against net income attributable to the company’s common shareholders of $257,657,000 or $5.02 per diluted share a year ago. Operating earnings attributable to the company’s common shareholders were $112,494,000 or $2.35 per diluted share against $133,508,000 or $2.60 per diluted share a year ago. Net cash provided by operating activities was $118 million against $142 million a year ago. Annualized Operating ROE was 7.5%. For the six months, total revenues were $2,651,809,000 against $3,171,242,000 a year ago. Income before taxes and interest in earnings of equity method investments was $220,569,000 against $716,435,000 for the same period in the last year. Net income attributable to the company’s common shareholders was $128,640,000 or $2.64 per diluted share against $553,316,000 or $10.64 per diluted share a year ago. Operating earnings attributable to the company’s common shareholders were $263,030,000 or $5.39 per diluted share against $310,418,000 or $5.97 per diluted share a year ago. Net cash provided by operating activities was $257 million against $221 million a year ago. Book value per common share was $127.24 at June 30, 2015, up 0.8% compared to $126.21 at December 31, 2014. Tangible book value per common share was $115.90 at June 30, 2015, up 1.0% compared to $114.76 at December 31, 2014. The increases were primarily driven by net income, which was partially offset by common and preferred dividend payments. Annualized Operating ROE was 8.5%.

 

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PRE Competitors

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Company Last Change
Alleghany Corp $465.45 USD -1.00
American Financial Group Inc/OH $68.96 USD +0.31
Axis Capital Holdings Ltd $55.28 USD +0.04
Everest Re Group Ltd $174.91 USD +0.36
WR Berkley Corp $53.88 USD +0.29
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Industry Analysis

PRE

Industry Average

Valuation PRE Industry Range
Price/Earnings 12.0x
Price/Sales 1.1x
Price/Book 0.9x
Price/Cash Flow 10.1x
TEV/Sales NM Not Meaningful
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