Two companies will separately renew their respective books of business at January 1, 2010
PartnerRe, a Bermuda based reinsurer, has acquired 100% of the outstanding common shares of Paris Re Holdings following the approval by Paris Re’s shareholders of the previously announced merger, governed by Swiss law, of Paris Re into a wholly-owned subsidiary of PartnerRe.
As per the vote and completion of the merger, each remaining Paris Re common share not already owned by PartnerRe has been exchanged into the right to receive 0.3018 PartnerRe common shares.
The company said that this is the same exchange ratio of 0.30 PartnerRe common shares for each Paris Re common share offered to its common shareholders in prior purchases, as adjusted for the payment of PartnerRe’s dividend to its common shares on December 1, 2009 in accordance with the terms of the Transaction Agreement dated July 4, 2009, as amended.
PartnerRe continues to move forward with the integration of Paris Re into PartnerRe. As previously announced, the two companies will separately renew their respective books of business at January 1, 2010.