Partnerre Ltd. · OTC:PREJF
Partnerre — Merger or Acquisition (May 2015)
22 slides from Partnerre's merger presentation, May 4, 2015
Slide 1: AXIS and PartnerRe: Creating Sustainable Value
Exhibit 99.1 AXIS and PartnerRe: Creating Sustainable Value May 4, 2015
Slide 2: Important Information For Investors And Stockholders
Important Information For Investors And Stockholders This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed business combination between PartnerRe
Slide 3: Participants in Solicitation
Participants in Solicitation PartnerRe, AXIS, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of PartnerRe i
Slide 4: Forward Looking Statements
Forward Looking Statements Certain statements in this communication regarding the proposed transaction between PartnerRe and AXIS are “forward- looking” statements. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outl
Slide 5: Agenda
Agenda 1. Overview of Transformational Opportunity 2. Revised Amalgamation Overview 3. Benefits of the Amalgamation 4. Tremendous Opportunity for Value Creation 4
Slide 6: Agenda
Agenda 1. Overview of Transformational Opportunity 2. Revised Amalgamation Overview 3. Benefits of the Amalgamation 4. Tremendous Opportunity for Value Creation 5
Slide 7: Overview of Transformational Opportunity
Overview of Transformational Opportunity Brings together two strong, world-class, successful companies building on existing strengths ~$13bn combined shareholders' equity ( ¹ ) (Re)insurance Powerhouse Top 5 global reinsurance franchise with leading position in the broker channel Top 10 global life
Slide 8: Agenda
Agenda 1. Overview of Transformational Opportunity 2. Revised Amalgamation Overview 3. Benefits of the Amalgamation 4. Tremendous Opportunity for Value Creation 7
Slide 9: Revised Amalgamation Overview
Revised Amalgamation Overview AXIS shareholders to receive 1 share of the amalgamated company per common share in a tax free reorganization Consideration to PartnerRe shareholders to receive 2.18 shares of the amalgamated company per Shareholders common share Preferred shares to remain outstanding a
Slide 10: Progress to Date Reaffirms Benefits
Progress to Date Reaffirms Benefits Phase 1 integration already complete – a clear vision for the combined company Joint planning and integration process ongoing with 20 identified work streams A few regulatory approvals have been received HSR clearance was obtained Supportive feedback on the merger
Slide 11: Attractive Financial Impact to AXIS Shareholders
Attractive Financial Impact to AXIS Shareholders Operating Synergies of $200mm Significant Capital Generation and Return to Shareholders Impact to AXIS Accretive to EPS and ROE beginning in the first full year ( ¹ ) Double-digit EPS accretion and double-digit ROE by year 2 ( ¹ ) Additional opportuni
Slide 12: Agenda
Agenda 1. Overview of Transformational Opportunity 2. Revised Amalgamation Overview 3. Benefits of the Amalgamation 4. Tremendous Opportunity for Value Creation 11
Slide 13: Strong Position in Three Attractive Businesses
Strong Position in Three Attractive Businesses Business Overview 3/31/15 LTM GPW PartnerRe AXIS Pro Forma Combined $5.8bn $4.6bn $10.4bn A&H 6% Life, A&H 15% Life and Health 22% P&C Reinsurance Insurance P&C Non-Life Insurance 44% 26% Reinsurance Reinsurance 49% 59% 78% 12
Slide 14: Transformative Combination Creating a Leading Global Reinsurance Platform
Transformative Combination Creating a Leading Global Reinsurance Platform Top Global P&C Reinsurers by P&C Market position Reinsurance GPW (1) ($ in billions) Top 5 global reinsurer Munich Re $22.6 Leading position among broker-based Swiss Re $18.0 reinsurers Hannover Re $10.4 Berkshire Re $8.8 (2)
Slide 15: Diversified Global Specialty Insurance Business
Diversified Global Specialty Insurance Business Pro Forma Combined Insurance Breakdown 3/31/15 LTM GPW By Line of Business Balanced portfolio mix between segments Credit & Political Risk 1% Almost no business overlap in existing Aviation Terrorism 2% 1% books Growing visibility among clients / distr
Slide 16: Leadership in Life, Accident & Health with High Growth Potential
Leadership in Life, Accident & Health with High Growth Potential Pro Forma Combined Life and A&H Breakdown Significant market presence 3/31/15 LTM GPW Top 10 global life and health reinsurer By Line of Business Top 3 U.S. health reinsurer Ability to leverage broad product capabilities for high growt
Slide 17: World-Class Combined Management Team
World-Class Combined Management Team Non-executive Chairman Jean-Paul L. Montupet, Chairman PartnerRe Chairman Emeritus Michael A. Butt, Chairman AXIS Capital CEO Albert A. Benchimol, CEO AXIS Capital CFO Joseph Henry, CFO AXIS Capital Deputy CFO and Lead Integration Officer (1) Bill Babcock, Partne
Slide 18: Agenda
Agenda 1. Overview of Transformational Opportunity 2. Revised Amalgamation Overview 3. Benefits of the Amalgamation 4. Tremendous Opportunity for Value Creation 17
Slide 19: AXIS' and PartnerRe's Advanced Integration Planning
AXIS' and PartnerRe's Advanced Integration Planning Integration Plan Readiness & Mobilization Complete Day 1 Readiness Post Close Planning Work to Date Approximately 150 people involved Over 20 individual work streams Reporting to Integration Director and Steering Committee headed by CEO-designate D
Slide 20: Clear Path to Achieving Target Synergies
Clear Path to Achieving Target Synergies At Least $200 Million in Identifiable and Actionable Expense Savings Value in millions USD Other Operational Synergies ~$30 Corporate ~$35 Support Functions Target Synergies ~$75 $200 Business Unit ~$60 19
Slide 21: Global Reach with Opportunities for Consolidating Locations
Global Reach with Opportunities for Consolidating Locations AXIS Office Locations PartnerRe Office Locations 20
Slide 22: Tremendous Opportunity for Value Creation
Tremendous Opportunity for Value Creation ~$13bn combined shareholders' equity ( ¹ ) Profitable $10.4bn in combined GPW across 3 attractive businesses ( ¹ ) Growth through Sustainable, long-term commercial growth prospects through combined scale, Increased efficiencies and expanded product capabilit