AXIS Capital Holdings Ltd. climbed in New York trading on Wednesday after “Insurance Insider” reported that the company, which has agreed to merge with PartnerRe Ltd., could draw a bid from Arch Capital Group Ltd.
AXIS could attract an offer if its planned deal with PartnerRe collapses, the publication reported Wednesday. Bermuda-based PartnerRe has drawn an unsolicited $6.4 billion cash offer from Italy’s EXOR SpA. Bermuda-based AXIS could also become a target if its shareholders oppose the revised merger terms that were designed to appeal to PartnerRe, “Insurance Insider” said.
AXIS advanced 2.1 percent to $53.25 at 1:16 p.m. in New York trading on Wednesday. PartnerRe climbed 0.8 percent. Arch was little changed.
Joy Huibonhoa, deputy general counsel at Bermuda-based Arch, declined to comment. Michael Herley, a spokesman at Kekst & Co. representing AXIS, didn’t immediately return a call for comment.
- EXOR Bid for PartnerRe Still Has Legs as Shareholders Weigh Offers: Real M&A
- PartnerRe Rejects EXOR Offer; Confirms AXIS Deal w/ Enhanced Terms
- EXOR Says Remains ‘Fully Committed’ to Spurned PartnerRe Offer
- PartnerRe Investor Fund Describes EXOR Bid as ‘Much Superior’ to AXIS Deal
- Update: Italy’s EXOR Offers $6.4 Billion for PartnerRe in Threat to AXIS Deal
- AXIS to Merge with PartnerRe to Create $11 Billion Reinsurer
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