Paris Re Holdings, Ltd.
Paris Re Holdings, Ltd. was a multi-line reinsurance company, which was formed to acquire the ongoing business of AXA RE, a wholly-owned subsidiary of AXA (NYSE: AXA). Through its operating subsidiaries in Bermuda, Paris, Miami, Montreal, Zug and Washington D.C., Paris Re operated in many lines of business including property, catastrophe, casualty, motor, agriculture, aviation/space, credit/surety, engineering, energy, marine, life and health, special risks, and weather covers.
After going public in 2007 on the Euronext Paris Stock Exchange, Paris Re was acquired by PartnerRe Ltd. (“Partner Re”; NYSE: PRE) for cash and stock in October 2009. New Mountain subsequently sold its PartnerRe shares in a negotiated block sale in February 2010. The Company was effectively debt free, net of cash, over the life of the Fund’s investment.