initial public offering to raise $500 million.

The new reinsurer, formed in August, is waiting for approval from the Securities and Exchange Commission before launching a share offering next month.

The majority of the 25 million common shares will be offered in the US. Five million shares have been allocated to an international offering.

In total, 28.7 million shares have been registered with the Securities and Exchange Commission and listed on the NASDAQ exchange.

After the share offering, the company plans to be capitalised at approximately $723 million, based on an estimated public offering price of $20 per common share.

The F1 registration document, was filed with the SEC on August 27, 1993. The prospectus states that Partner Re "intends to enter the property catastrophe reinsurance market at a time when there exists an imbalance between the worldwide demand for property catastrophe reinsurance coverage and a reduced supply of capacity''.

It added: "Since 1987, the level of worldwide catastrophe losses has had a significant impact on the results of property insurers and the catastrophe reinsurance market.'' Partner Re's sponsors are Swiss Re and merchant banking firm Head Partners, which was formed in 1987 to specialise in the insurance industry.

Partner Re's business strategy is to establish itself as a lead underwriter on selected reinsurance programmes. It will not underwrite any business with attachment dates prior to January 1, 1994.

"The Company believes that lead underwriters tend to develop longer-term relationships with insurers and brokers and generally have greater influence in negotiation of reinsurance terms, attachment points and premium rates than following reinsurers,'' according to the prospectus.

It stated that Swiss Re and its affiliates will allow Partner Re to participate on a quota share basis in the 1994 catastrophe excess of loss reinsurance business.

Partner Re will only enter into proportional catastrophe treaties in selected cases when the premium rates and volume are attractive, according to the document.