Business: PartnerRe Ltd. 4.875% Fixed Rate Non-Cumulative Redeemable Preferred Shares, Series J liquidation preference $25 per share, redeemable at the issuer's option on or after 03/15/2026 at $25 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-cumulative distributions of 4.875% per annum ($1.21875 per annum or $0.3046875 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record 15th calendar day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders This company may lose its preferential tax rate if it is classified as a Passive Foreign Investment Company in this or a future tax year (see page S-34 of the prospectus for further information). <p> This security is possibly subject to an early call as a result of an amalgamation or merger at $26.00 (104%) of their principal amount plus declared and unpaid dividends. (see the prospectus for further information). The Company may redeem the preferred stock before 03/15/2026 at $25 (100%) of their principal amount plus declared and unpaid dividends, if a regulatory capital event occurs; before 03/15/2026 at $25.50 (102%) of their principal amount plus declared and unpaid dividends if a rating agency event occurs. (see prospectus for further information). <p> This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.