The board of PartnerRe has approved an increase in the company's stock repurchase authorisation for a total of up to 5 million common shares. This reflects an increase of approximately 3.5 million common shares to the approximately 1.5 million common shares remaining under the prior authorisation announced by the company on 17 May 2004. During the past 12 months, the company has repurchased a total of 3,472,000 common shares.
PartnerRe Ltd. President and CEO Patrick Thiele said, "Active capital management is an important component of our long term and cyclical strategy. Subject to maintaining our unquestioned financial strength for our cedants, we expect to return capital to our shareholders through share repurchases during softening reinsurance markets. This authorisation provides us the flexibility to do that."
