Bermuda-based reinsurer PartnerRe Ltd. yesterday announced its successful cross-listing on NYSE Euronext Paris.

The move will provide investors with a euro-denominated, European-listed trading platform for PartnerRe shares, in addition to its listing on NYSE, where PartnerRe shares will continue to be traded in US dollars.

Earlier this year PartnerRe announced it was acquiring Swiss-based multi-line reinsurer Paris Re in a $2 billion stock-for-stock transaction, which ultimately positions PartnerRe as a top five global reinsurer.

"This is an exciting development for PartnerRe as it demonstrates the truly global nature of the PartnerRe franchise, as well as our commitment to our worldwide investor base," PartnerRe president and chief executive officer Patrick Thiele said

"With the acquisition of Paris Re, our increased capital and asset base, and a larger, more diversified global mix of business, a cross-listing in Europe is the next logical step in our evolution.

"These developments provide us greater strategic and financial flexibility such that we expect to achieve enhanced risk-adjusted returns thereby generating additional long-term value for our shareholders."