Partnerre Ltd. · OTC:PREJF
Partnerre — Merger or Acquisition (January 2015)
17 slides from Partnerre's merger presentation, Jan 26, 2015
Slide 1: PartnerRe and AXIS: A Global Leader in Specialty Insurance and Reinsurance
Exhibit 99.1 PartnerRe and AXIS: A Global Leader in Specialty Insurance and Reinsurance January 26, 2015
Slide 2: Disclaimer: Important Information For Investors And Stockholders
Disclaimer 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 betwee
Slide 3: Disclaimer: Participants in Solicitation
Disclaimer 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
Slide 4: Disclaimer: Forward Looking Statements
Disclaimer 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,” “predi
Slide 5: A Global Leader in Specialty Insurance and Reinsurance
A Global Leader in Specialty Insurance and Reinsurance Combination will be a (re)insurance powerhouse with approximately $13bn combined shareholders equity (1) » Brings together two strong, world-class, successful companies building on existing strengths » Transaction creates a top 5 global reinsura
Slide 6: A Merger of Equals: Overview
A Merger of Equals: Overview 100% stock Merger of Equals structured as an amalgamation Shares in PartnerRe and AXIS to convert to new shares in the Amalgamated company at a fixed Structure exchange ratio Preferred shares to remain outstanding as preferred shares of the Amalgamated company $11 billio
Slide 7: World-Class Management Team
World-Class 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* Bill Babcock, PartnerRe CFO CEO,
Slide 8: Building on Existing Strengths
Building on Existing Strengths KEY CAPABILITY METRIC PartnerRe AXIS BVPS + Dividend Value Creation growth (2002 – 2014 13.1% 13.0% YTD growth) (1) Excellence in 2002 – 2014YTD avg. underwriting combined ratio (2) 93.9% 87.1% 16 of 21 years since Conservative Years of favorable 12 of 12 years since i
Slide 9: Strong Position in Three Attractive Businesses
Strong Position in Three Attractive Businesses 9/30/14 LTM GPW BUSINESS OVERVIEW PartnerRe AXIS Pro Forma Combined $5.9B $4.8B $10.7B Life, A&H A&H 14% P&C 6% Reinsurance Non-Life P&C Life and Health Reinsurance Reinsurance 62% 21% 79% Insurance 47% 47% Insurance 24% © 2015. PartnerRe and Axis Capit
Slide 10: Global Reach with Opportunities for Consolidating Locations
Global Reach with Opportunities for Consolidating Locations AXIS Office Locations PartnerRe Office Locations © 2015. PartnerRe and Axis Capital. All rights reserved. Proprietary and confidential. 10
Slide 11: Transformative Combination Creating a Leading Global Reinsurance Platform
Transformative Combination Creating a Leading Global Reinsurance Platform Market position Top Global P&C Reinsurers by P&C Reinsurance GPW (1) ($ in billions) Top 5 global reinsurer with approximately Munich Re $22.6 $7 billion in GPW Swiss Re $18.0 Hannover Re $10.4 Leading position among broker-ba
Slide 12: Diversified Global Specialty Insurance Business
Diversified Global Specialty Insurance Business Pro Forma Combined Insurance Breakdown 9/30/14 LTM GPW By Line of Business Balanced portfolio mix between segments Credit & Political Risk Almost no business overlap in existing books 2% Aviation Terrorism 2% 1% Marine Optionality to further accelerate
Slide 13: Leadership in Life and A&H with High Growth Potential
Leadership in Life and A&H with High Growth Potential A leading Life, Accident & Health franchise with limited product overlap with truly global reach PartnerRe AXIS Life: $ 945m LTM Gross $ 278m Premiums Written A&H: $ 256m • 31% LTM GPW • Significant recent growth in • 30% GPW CAGR since 2011 Rece
Slide 14: Combination of Two Strong Balance Sheets with Potential Capital Synergies
Combination of Two Strong Balance Sheets with Potential Capital Synergies ($ in billions) As at 9/30/14 + Cash & Investments (1) $17.5 $15.5 $33.0 Shareholders Equity (2) 7.0 5.8 12.8 Total Capitalization (2)(3) 7.8 6.8 14.6 Total Debt + Preferred / Total 22.4% 21.3% 23.8% Capitalization Excludes pu
Slide 15: Tremendous Opportunity for Value Creation
Tremendous Opportunity for Value Creation Profitable growth » Sustainable, long-term commercial growth prospects through combined scale, efficiencies and expanded product capability » Meaningful capital synergies generating further flexibility to support growth and capital management initiatives At
Slide 16: Attractive Financial Implications
Attractive Financial Implications Meaningfully accretive to shareholders of both companies » Earnings per share » Return on equity Limited execution risk of integration given: » Quality of both companies’ balance sheets » Familiarity between the companies’ management teams » Shared philosophy of und
Slide 17: Conclusion
Conclusion Combination will be a (re)insurance powerhouse with approximately $13bn combined shareholders equity (1) » Brings together two strong, world-class, successful companies building on existing strengths » Transaction creates a top 5 global reinsurance franchise with leading position in the b