SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

Amendments to the Amalgamation Agreement

On July 15, 2015, AXIS and PartnerRe further amended the Amalgamation Agreement to increase the one-time special cash dividend to $17.50 per share. In addition, the agreement was amended to allow the Amalgamated Company to commence an exchange offer, immediately prior to the consummation of the Amalgamation, pursuant to which PartnerRe preferred shareholders would receive newly issued preferred shares of the Amalgamated Company reflecting an increase in the current dividend rate applicable to the relevant series of PartnerRe preferred shares of 100 basis points and to extend the redemption period date to the later of (a) the fifth anniversary of the date of issuance and (b) January 1, 2021, subject to receiving a favorable ruling from the Internal Revenue Service on the tax status of the exchange offer.