PartnerRe, AXIS Capital Announces Jointly Exploring Enhancements to Terms of Amalgamation Deal

PartnerRe Ltd. ("PartnerRe")

and AXIS Capital Holdings Limited ("AXIS Capital")

(collectively the "Companies") today announced that the Companies are jointly exploring enhancements to the terms of their amalgamation agreement. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20150710005347/en/ As a result, the special meetings of PartnerRe and AXIS Capital shareholders to approve the amalgamation agreement that were originally scheduled for July 24, 2015 will now take place on August 7, 2015. PartnerRe and AXIS Capital are committed to ensuring that common and preferred shareholders benefit materially from the combination of the two companies. The Companies will communicate enhancements to their amalgamation agreement in the near-term. A registration statement containing the companies' joint proxy statement/prospectus is available through the SEC's website at www.sec.gov, via PartnerRe's IR website at www.partnerre.com, and AXIS Capital's IR website at investor.axiscapital.com. The proxy statement/prospectus provides important information about PartnerRe, AXIS Capital, and the proposed merger, as well as instructions for shareholders on voting. The AXIS Capital and PartnerRe boards have recommended that their respective stockholders vote "FOR" the amalgamation agreement between the companies and have encouraged stockholders to carefully evaluate the investor presentations filed by both companies on June 1, 2015 as part of their consideration of the transaction. In addition to the receipt of approvals from the Companies' respective shareholders, the transaction remains subject to other customary closing conditions, including receipt of certain additional regulatory clearances; and there can be no assurance that the Companies will reach agreement on any enhancements to the terms of their amalgamation agreement. The transaction remains on track to close in the third quarter of 2015. Goldman, Sachs & Co. is acting as financial advisor, and Simpson Thacher & Bartlett LLP and Conyers Dill & Pearman are acting as legal counsel to AXIS Capital. Credit Suisse and Lazard are acting as co-financial advisors and Davis Polk & Wardwell LLP and Appleby Global Services Limited are acting as legal counsel to PartnerRe.