SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Amendment No. 10
Under the Securities Exchange Act of 1934
Information to be included in statements filed
pursuant to Rule 13D-1(A) and Amendments
thereto filed pursuant to Rule 13D-2(A)
PartnerRe Ltd.
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(Name of Issuer)
Common Stock, par value $1.00 per share
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(Title of Class of Securities)
G6852T-105
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(CUSIP Number)
Markus U. Diethelm
Chief Legal Officer and Member of Senior Management
Swiss Reinsurance Company
50/60 Mythenquai
CH-8022 Zurich, Switzerland
Tel. No.: 011-41-43-285-2162
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 6, 2003
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g),
check the following box. [ ]
(Continued on following pages)
(Page 1 of 3 pages)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
SCHEDULE 13D
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CUSIP No. G6852T-105 Page 2 of 3
Pages
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1 NAME OF REPORTING PERSON
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S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Swiss Reinsurance Company
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) |X|
(b) | |
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
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7 SOLE VOTING POWER
NUMBER OF
0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 8,340,731
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 10 SHARED DISPOSITIVE POWER
WITH 8,340,731
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,340,731
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.6%
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14 TYPE OF REPORTING PERSON (See Instructions)
CO
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SCHEDULE 13D
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CUSIP No. G6852T-105 Page 3 of 3
Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SwissRe Capital Management (Bermuda) Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) |X|
(b) | |
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC, OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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7 SOLE VOTING POWER
NUMBER OF
0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 8,340,731
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 10 SHARED DISPOSITIVE POWER
WITH 8,340,731
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,340,731
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.6%
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14 TYPE OF REPORTING PERSON (See Instructions)
CO
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The item numbers and responses thereto below are in accordance with
the requirements of Schedule 13D.
This Amendment No. 10 amends and supplements the Schedule 13D, dated
as of June 13, 1997, as amended, filed with respect to the common shares, par
value $1.00 per share (the "Common Stock"), of PartnerRe Ltd., a Bermuda
company (the "Company").
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of the 13D is hereby amended and supplemented by adding the
following paragraph before the final paragraph thereof:
Capital Management's exercise of 677,873 warrants and 96,000 options
was settled on May 2, 2003. Pursuant to such settlement, the Company issued
773,873 shares of Common Stock to SwissRe Capital Management (Bermuda) Ltd.
("Capital Management") and Capital Management paid the Company an aggregate
exercise price of 271,238 shares of Common Stock. Following such settlement,
Capital Management owns 8,340,731 shares of Common Stock.
Item 4. Purpose of the Transaction.
Item 4 of the 13D is hereby amended and supplemented by adding the
following paragraphs at the end thereof:
Capital Management's exercise of 677,873 warrants and 96,000 options
was settled on May 2, 2003. Pursuant to such settlement, the Company issued
773,873 shares of Common Stock to Capital Management and Capital Management
paid the Company an aggregate exercise price of 271,238 shares of Common
Stock. Following such settlement, Capital Management owns 8,340,731 shares of
Common Stock.
Pursuant to Capital Management's request for registration, dated
April 29, 2003, the Company filed a registration statement on Form S-3 with
the Securities and Exchange Commission (the "SEC") on April 30, 2003 covering
the resale by Capital Management of up to 8,340,731 shares of Common Stock.
Such registration statement was declared effective on May 5, 2003.
On May 6, 2003, Capital Management intends to enter into an agreement
to sell to Citigroup Global Markets Inc. ("Citigroup") 8,340,731 shares of
Common Stock pursuant to such registration statement, constituting all of the
shares of Common Stock held by the reporting persons. Citigroup has informed
Capital Management that Citigroup intends to reoffer such shares to investors.
Given the positive outlook for the reinsurance market, SwissRe believes it can
best capitalize on this opportunity by allocating its capacity directly to its
reinsurance business. This transaction is also in line with SwissRe's strategy
to reduce its equity exposure.
Item 5. Interest in Securities of the Issuer.
(a) The last sentence of Item 5(a) is hereby amended and restated in
its entirety as follows:
The reporting persons beneficially own 8,340,731 shares of Common
Stock held by Capital Management or 15.6% of the outstanding Common Stock of
the Company.
(b) The last sentence of Item 5(b) is hereby amended and restated in
its entirety as follows:
The reporting persons have the shared power to vote and to dispose of
8,340,731 shares of Common Stock, or 15.6% of the outstanding Common Stock of
the Company.
(c) Item 5(c) is hereby amended and supplemented by adding the
following language at the end thereof.
Capital Management's exercise of 677,873 warrants and 96,000 options
was settled on May 2, 2003. Pursuant to such settlement, the Company issued
773,873 shares of Common Stock to Capital Management and Capital Management
paid the Company an aggregate exercise price of 271,238 shares of Common
Stock. Following such settlement, Capital Management owns 8,340,731 shares of
Common Stock.
(d) - (e) Inapplicable.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
each person set forth below certifies that the information set forth in this
statement is true, complete and correct.
Dated as of: May 6, 2003
SWISS REINSURANCE COMPANY SWISS REINSURANCE COMPANY
By: /s/ Peter Gujer By: /s/ Andre Pfanner
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Name: Peter Gujer Name: Andre Pfanner
Title: Managing Director Title: Member of Senior Management
SWISSRE CAPITAL MANAGEMENT SWISSRE CAPITAL MANAGEMENT
(BERMUDA) LTD. (BERMUDA) LTD.
By: /s/ Helmut Brechot By: /s/ Ulrich Ackerman
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Name: Helmut Brechot Name: Ulrich Ackerman
Title: Member of the Board of Directors Title: CFO and Vice President