Swiss Re to sell stake in PartnerRe

Bermuda-based reinsurer PartnerRe (NYSE: PRE) has confirmed that Swiss Re intends to sell its stake in the company. In a press release, PartnerRe says it has received a notice from Swiss Re to exercise their rights under the terms of the “registration rights agreement” between the two companies.
PartnerRe will file with the New York Securities Exchange Commission for the sale of Swiss Re’s entire stake, over 8.3 million shares.
Today, PartnerRe shares were down US$1.16 to close at US$53.50 each.