PartnerRe issues €750 million in fixed rate notes

Bermuda-based re/insurer PartnerRe has issued €750 million of ten-year fixed rate notes, through its subsidiary PartnerRe Ireland Finance.

According to the firm, this is the first ever issuance of a Bermuda re/insurer in the Euro-denominated bond market.

The notes, which will be fully and unconditionally guaranteed by PartnerRe, will have a maturity of September 15, 2026, and will be listed on the main securities market of the Irish Stock Exchange.

The notes collected orders in excess of €3 billion including from institutional investors in Asia-Pacific.

PartnerRe intends to use the proceeds to redeem shares, to refinance a $250 million bond at due in 2018 and for general corporate purposes.

Emmanuel Clarke, PartnerRe president and chief executive officer, said: “The transaction represents an important recognition of our leadership position in the global reinsurance market and enhances the quality of the capital on our balance sheet.

“The increased financial flexibility which we have gained by complementing our capital market presence in North America with access to the Euro-denominated market is a competitive advantage which will allow us to better serve our clients and which we expect to continue to leverage in the future.”