Post-merger staff integration complete
Bermuda-based reinsurer PartnerRe has concluded the voluntary severance plans of Paris-based employees in connection with its 2009 acquisition of French reinsurer PARIS Re.
PartnerRe has now completed the integration of PARIS RE employees into the company’s new operational structure, which was implemented to allow the merged companies to complete the July 1 renewal as a single entity.
PartnerRe expects to record approximately $34m, or $0.43 per diluted share, in additional pre-tax expenses in its second quarter 2010 results. This charge includes all expenses related to the voluntary severance plan and the company does not anticipate initiating any additional voluntary or involuntary severance plans.
Employees participating in the voluntary plan have leaving dates over the next 18 months. Participating employees will continue to receive salary and other employment benefits until they leave the company.