PartnerRe to delist preferred shares from NYSE

PartnerRe to delist preferred shares from NYSE | Insurance Business Canada

Reinsurance

PartnerRe to delist preferred shares from NYSE

Company to begin filing in mid-July

Reinsurance

By
Kenneth Araullo

PartnerRe Ltd has announced its plan to voluntarily delist its 4.875% Series J Fixed Rate Non-Cumulative Preferred Shares from the New York Stock Exchange (NYSE) and to deregister the shares under the US Securities Exchange Act of 1934.

In a news release, the global reinsurer has informed the NYSE of its intention to delist the preferred shares.

The company said that it expects to file a Form 25 with the US Securities and Exchange Commission (SEC) on or about July 11, 2024, to begin the delisting and deregistration process under Section 12(b) of the Exchange Act.

The delisting is anticipated to take effect 10 days after filing, with the last trading day on the NYSE expected to be around July 19. Subsequently, PartnerRe plans to file a Form 15 with the SEC on or about July 22, 2024, to suspend its reporting obligations under Section 15(d) of the Exchange Act.

According to PartnerRe, the decision to delist and deregister was made after careful consideration of the financial and administrative requirements associated with maintaining the NYSE listing and SEC registration.

PartnerRe will continue to provide financial information, including audited US GAAP financial statements, on its website. The delisting and deregistration will not affect any terms of the preferred shares.

In May, PartnerRe Ltd announced that its board of directors declared a dividend for the period March 15, 2024, to June 14, 2024, amounting to $0.3046875 per share on the company’s 4.875% Fixed Rate Non-Cumulative Redeemable Preferred Shares, Series J.

For the year ended Dec. 31, 2023, PartnerRe reported total revenues of $9.1 billion. As of December 31, 2023, the company’s total assets stood at $30.5 billion, total capital at $10.3 billion, and total shareholders’ equity at $8.4 billion.

What are your thoughts on this story? Please feel free to share your comments below.