NU Online News Service, Dec. 8, 3:41 p.m.EST

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PartnerRe Ltd. in Bermuda announced completion of itsacquisition of Zug, Switzerland-based Paris Re Holdings Limited,following Paris Re shareholders' approval of the $2 billion stockdeal announced in November.

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As a result of the shareholders' vote and merger completion,each remaining Paris Re common share not already owned by PartnerRehas been exchanged into the right to receive 0.3018 PartnerRecommon shares.

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PartnerRe said this is the same exchange ratio of 0.30 PartnerRecommon shares for each Paris Re common share offered to Paris Recommon shareholders in prior purchases.

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PartnerRe said it continues to move forward with the integrationof Paris
Re into PartnerRe and, as previously announced, the two companieswill separately renew their respective books of business at Jan. 1,2010.

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Hans-Peter Gerhardt, Paris Re chief executive officer, said in astatement, "The agreement of our shareholders to the merger withPartner Re creates one of the world's premier reinsuranceoperations, of which we are proud to become a part. Our immediatefocus is on the successful renewal of Paris Re's portfolio for2010, while we are also working on the design of the neworganization with our new colleagues."

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Paris Re's subsidiaries will continue to renew their businessunder the name Paris Re until the middle of 2010. "We are confidentthat our strong client relationships and the continuing commitmentof our teams will make this a successful integration," said Mr.Gerhardt.

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Earlier, PartnerRe announced its successful cross-listing onNYSE Euronext Paris, effective today. This cross-listing providesinvestors with a Euro-denominated, European-listed tradingplatform, in addition to PartnerRe's U.S. Dollar listing onNYSE.

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