PartnerRe Adds Winterthur Re US Ops To Deal

PartnerRe Ltd. now says it will acquire Winterthur Re's U.S. non-life and life operations, namely Winterthur Reinsurance Corporation of America in New York and Winterthur Re Life Insurance Company in Dallas, including its subsidiaries. On October 9, 1998, PartnerRe announced that it signed an agreement to acquire Winterthur Insurance's Swiss reinsurance operations. The transaction is expected to close by year-end, following customary regulatory approval.

"We are very pleased to have now also signed the definitive stock purchase agreement for the U.S. reinsurance companies, smoothly finalizing all the Winterthur Re acquisition agreements," said Herbert N. Haag, president and chief executive officer. "With this important transaction, PartnerRe will double its size, both in terms of premiums written and number of employees worldwide. This substantial strengthening of resources and market presence will not only greatly enhance our position in the United States but also transform the Company into a truly diversified, global multi-line reinsurer. With over $7 billion in assets, PartnerRe will be well positioned to take advantage of opportunities which the present market environment will bring forth in the coming years."

PartnerRe Ltd. subsidiaries include Partner Reinsurance Company Ltd. in Bermuda, SAFR in Paris and PartnerRe U.S. in New York.