EXOR News

EXOR and Covéa ‘Normalize’ Relations After Failed PartnerRe Deal

Italy’s EXOR said on Monday that French insurer Covéa had agreed to invest a total of 1.5 billion euros ($1.8 billion), partly in entities managed by PartnerRe, after walking away from a deal to buy the reinsurer from EXOR earlier …

PartnerRe Names Bonneau as President and CEO as Clarke Exits

Bermuda-based PartnerRe Ltd. announced it has appointed industry veteran Jacques Bonneau as its president and chief executive officer effective immediately. Bonneau, who will be based in the company’s headquarter in Bermuda, succeeds Emmanuel Clarke, who is leaving the company after …

Exor Plays Hardball with French Insurer Covéa as PartnerRe Deal Collapses: Opinion

Renege on a deal with the Agnellis and you can expect to pay for it. Scion John Elkann has refused to renegotiate the Italian family’s $9 billion sale of its reinsurance business after the buyer, French mutual Covéa, sought to …

French Mutual Covéa Scraps $9 Billion Purchase of PartnerRe from Exor

French insurer Covéa has walked away from its planned $9 billion purchase of PartnerRe, the Bermuda-based reinsurer owned by Exor, the holding firm of Italy’s Agnelli family, saying it could no longer buy under the terms of their agreement. The …

PartnerRe’s Parent EXOR Vows to Go Ahead with Deals Despite Pandemic

The boss of EXOR showed confidence on Wednesday in the success of three transformative deals set to reshape its multi-billion portfolio of corporate holdings, despite being caught at mid-air by the coronavirus crisis. In a letter to the holding’s shareholders, …

EXOR to Sell PartnerRe to French Insurer Covea for $9 Billion

EXOR has agreed to sell PartnerRe to French mutual insurer Covéa, a move that is turning out to be a very profitable thing for the Italian investment firm. EXOR bought the Bermuda-based reinsurer in March 2016 for $6.72 billion in …

AXIS Capital to Acquire Lloyd’s Specialty Re/Insurer Novae for $604 Million

AXIS Capital Holdings Ltd. announced it is acquiring Novae Group plc, a specialty re/insurer that operates through Lloyd’s of London. “The US$604 million transaction adds scale and breadth to the international specialty insurance business of AXIS, creating a $2 billion …

A.M. Best Affirms Ratings of PartnerRe & Subsidiaries

A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Bermuda-based Partner Reinsurance Co. Ltd. and its affiliates (collectively referred to as PartnerRe). A.M. Best has also affirmed the …

PartnerRe Reshapes $16B Investment Portfolio Under Elkann/EXOR’s Leadership

PartnerRe exited junk bonds and shifted funds into property as the reinsurer reshaped a $16 billion investment portfolio after being acquired by John Elkann’s EXOR SpA. EXOR’s approach is to focus on holdings that “we know and understand very well,” …

White Mountains Closes $2.6B Sale of Sirius to China Minsheng Investment

White Mountains Insurance Group Ltd. completed its $2.6 billion sale of Sirius International Insurance Group to a division of China Minsheng Investment Corp. Ltd., nine months after the deal was first announced.Out of that total, White Mountains used $160 million …