Bermuda reinsurer PartnerRe yesterday announced it will take up a secondary listing on the Bermuda Stock Exchange.

The company, which was set up as part of the second wave of insurance companies to set up in Bermuda in 1993, has its primary listing on the New York Stock Exchange (NYSE).

Now those wishing to buy shares PartnerRe can do so either through the BSX or through the NYSE.

"It isn't a huge economic event," said Patrick Thiele, president and chief executive officer of PartnerRe. "There is potential to help trade, but it is a show of support to Bermuda as a financial centre."

The BSX also announced the approval of the listing of up to 61,412,394 common shares of PartnerRe.

PartnerRe was incorporated in Bermuda on 24 August 1993 as a property catastrophe reinsurer, but has since expanded its business.

It was one of a group of insurers and reinsurers that were founded in Bermuda after Hurricane Andrew pushed up prices of insurance, mainly property/catastrophe.

The company has expanded its operations and its geographic cover mainly through acquisitions, and now writes treaty and facultative reinsurance for property, casualty, auto, life, agriculture, aviation/space, marine and credit surety. It has about 1,800 clients in more than 100 countries around the world.

Swiss Re, one of its founders, owns more than 25 percent of the company, which floated on the NYSE on 7 November 1996 and was yesterday trading at between $53.39 and $55.15. The BSX was effective as of yesterday.

In 2001 total revenues were $1.9 billion. As of December 31, 2001 total assets were $7.2 billion and total capital was $2.4 billion. The company was hard-hit by September 11, and posted losses of $165.5 million (net loss) compared to a profit of $142.3 million (net income) a year earlier.

The listing of the common shares of PartnerRe is sponsored by LOM Capital Limited.

"In light of PartnerRe's world-class commercial success and numerous contributions to Bermuda, we are particularly pleased to act as Sponsor for their BSX listing," said David Surmon of LOM.

Mr. Thiele, added: "We have been an active member of Bermuda's financial community for almost ten years. By taking this important step of listing on the Bermuda Stock Exchange, PartnerRe is demonstrating it's continued commitment to Bermuda's status as a pre-eminent international business centre."

He added that the secondary listing provides shareholders with the flexibility of extended trading hours outside the NYSE and, said that in the future, Bermuda-based shareholders could benefit from the improved settlement procedures of the BSD (Bermuda Securities Depository) for transactions in PartnerRe shares.

"We are very pleased to be the newest listed issuer on our local exchange," he added.

"The BSX welcomes PartnerRe Ltd. to listing", said Mr. James S. McKirdy, Listings and Compliance Manager of the BSX.

"PartnerRe Ltd. joins the growing list of Bermuda domiciled insurance companies to list on the Exchange."