PartnerRe buys back shares from Swiss Re

Bermudian reinsurance group PartnerRe is buying back 6mn shares from one of its founding investors, Swiss Re. PartnerRe said it would offer 8m common shares to the public under its existing shelf registration, using the net proceeds to repurchase the Swiss Re shares. Swiss Re told PartnerRe it wanted to cut its exposure in the Bermudian reinsurer so as to deploy more capital directly to the reinsurance market.