Davis Polk is advising PartnerRe Ltd. in connection with its $11 billion merger of equals with AXIS Capital Holdings Limited. PartnerRe shareholders will receive 2.18 shares of the combined company’s common shares for each share of PartnerRe common shares they own and AXIS Capital shareholders will receive one share of the combined company’s common shares for each share of AXIS Capital common shares they own. The transaction, which is expected to close in the second half of 2015, is subject to approval by the shareholders of both companies, regulatory clearance and customary closing conditions.

PartnerRe is a leading global reinsurer, providing multi-line reinsurance to insurance companies. AXIS Capital is a Bermudan global provider of specialty lines insurance and treaty reinsurance with locations in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America.

The Davis Polk corporate team includes partner Phillip R. Mills, associates Daniel Brass, Zain Ur Rehman and Felipe M. Heiderich. Partner Kyoko Takahashi Lin and associates Chaoyuan Charles Shi and Jessie M. Ferguson are providing executive compensation advice. Partner Neil Barr is providing tax advice. Partner Richard J. Sandler is providing capital markets advice. All members of the Davis Polk team are based in the New York office.

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