Covéa to acquire reinsurance company PartnerRe from Exor for $9bn
French mutual insurer Covéa has agreed to acquire Bermuda-based reinsurance company PartnerRe from Dutch holding company Exor for $9 billion in an all-cash deal.
Founded in 1993, PartnerRe has more than 16 office locations and over 1,200 employees around the world. The reinsurance company is engaged in measuring, pricing, and risk management to help decrease volatility for insurance firms and insureds, as well as to match risk for third party capital.
In 2020, PartnerRe registered total revenues of $7.4 billion.
Covéa said that the acquisition of PartnerRe will strengthen the development of the latter due to a considerable increase in the scale and capital strength.
After closing of the deal, Exor and Covéa will continue their cooperation in the reinsurance field with the former acquiring interests in special purpose reinsurance vehicles managed by PartnerRe from Covéa for a sum of around $725 million.
Covéa, Exor, and PartnerRe will also continue to jointly invest in Exor-managed funds.
The deal, which is subject to approvals from regulatory and competition authorities, is anticipated to be wrapped up in mid-2022.