April 17, 2013
PEMBROKE, Bermuda–(BUSINESS WIRE)– 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 2014.
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
Source: PartnerRe Ltd.