PartnerRe Ltd. jumped in New York trading after “Insurance Insider” reported that the reinsurer, which agreed last month to merge with Axis Capital Holdings Ltd., might draw bids from rivals to break up the deal.
Alleghany Corp. and France’s SCOR SE are weighing whether to make competing offers, “Insurance Insider” said. Bermuda-based PartnerRe surged 5.9 percent to $120.86 at 4:15 p.m. in New York. Axis climbed 19 cents to $51.31.
An Axis-PartnerRe deal to create the world’s fifth-biggest property-casualty reinsurer was announced the same month that XL Group plc agreed to buy Catlin Group Ltd. for about $4 billion. Meyer Shields of Keefe, Bruyette & Woods Inc. is among analysts who have said reinsurers are facing pressure to consolidate or fall behind rivals that make deals.
Representatives of PartnerRe, Axis and SCOR declined to comment. Alleghany’s Kerry Jacobs didn’t return a message.
–With assistance from Fabio Benedetti-Valentini in Paris, Zachary Tracer and Matthew Monks in New York and Noah Buhayar in Seattle.
Topics Mergers & Acquisitions New York
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