PartnerRe Ltd. has announced that the valuation period for its maturing forward sale agreement began last week.

Under the terms of the forward sale agreement, PartnerRe expects to deliver 3,366,295 common shares to an affiliate of Citigroup over a 40-day valuation period for a total of no less than $200 million.

The value received per share will be equal to the applicable average daily market price per share over the valuation period, but no less than $59.37 per share and no more than $79.58 per share.

PartnerRe entered into the initial three year contract, involving 6,732,590 common shares, in October 2005.

In July, 2008, the Company entered into an amendment whereby half of the contract was extended for an 18-month period with the remaining half maturing according to its original terms.

PartnerRe president & CEO Patrick Thiele said: "The range forward transaction of 2005 has proven to be an efficient component of our capital structure.

"We will continue to manage our capital to provide the optimal balance of financial strength for our clients and superior returns for our shareholders.

"The current dislocation in the capital markets may drive the need for additional reinsurance capacity. With our superior financial strength, ratings and franchise, PartnerRe continues to be well positioned to provide high quality capacity to the marketplace."