Re-Insurance

Talks on possible sale of PartnerRe confirmed

Discussions about the possible sale of PartnerRe have been confirmed by the company that owns the Bermudian-based reinsurer.

Exor, the Italian investment firm controlled by the Agnelli family that paid about $6.9 billion for PartnerRe in 2016, in a statement said: “Exor confirms that it has entered into exclusive discussions with Covéa regarding a possible all-cash acquisition of PartnerRe.

“These discussions are ongoing and there is no certainty that they will result in a transaction. Exor will refrain from further comment until the final outcome of the discussions is known.”

Covéa is a French insurance company.

Last week, The Insurance Insider cited an unnamed London banking source in its report of discussions about the possible sale of the reinsurer.

On Friday, The Royal Gazette contacted PartnerRe, which has offices on Pitts Bay Road, and was told it does not comment on speculation in the press. We also contacted Exor to inquire about the matter.

The discussions with Covéa were confirmed by Exor in its statement, which was released today.

According to a Reuters report a source “familiar with the matter” said the deal could be worth about $9 billion.