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UNDERWRITERS EXERCISE OVER-ALLOTMENT OPTIONS IN AMERICAN RE INITIAL PUBLIC OFFERING

 PRINCETON, N.J., Feb. 2 /PRNewswire/ -- American Re Corporation announced today that the underwriters of its initial public offering have exercised their over-allotment options, resulting in the offering being increased by 1,740,000 shares, from 11,600,000 shares to a total of 13,340,000 shares. All the shares have been sold at the initial public offering price of $31 per share, making the total gross proceeds to American Re $413.5 million.
 Net proceeds of the offering (expected to be approximately $391.1 million) will be employed in American Re's previously announced Capital Enhancement Program and for general corporate purposes.
 The initial public offering was managed by Merrill Lynch & Co., and co-managed by Donaldson, Lufkin & Jenrette Securities Corporation, Lazard Freres & Co., and Lehman Brothers and, outside the united States, was managed and co-managed by their respective international affiliates.
 American Re is, through its wholly owned subsidiary, American Re- insurance company, a direct writer of treaty and facultative reinsurance and related services, with approximately 1,200 employees in 13 domestic and 13 international offices.
 -0- 2/2/93
 /CONTACT: Thomas H. Walker Jr., 609-243-4679, or James R. Fisher, 609-243-4602, both of American Re Corporation/


CO: American Re Corporation ST: New Jersey IN: INS SU: OFR

JB-SS -- NY012 -- 1705 02/02/93 09:32 EST
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Publication:PR Newswire
Date:Feb 2, 1993
Words:216
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