From Reuters via The Financial Post:
Exor, the holding company of Italy’s Agnelli family, has signed a preliminary accord to sell its PartnerRe re-insurer to French insurance group Covea for $9 billion, reviving a deal that had been derailed by the coronavirus pandemic.
The price tag is unchanged from last year, when Covea walked away from the purchase of the Bermuda-based firm saying it could no longer buy it under terms agreed before the COVID-19 outbreak, which Exor refused to change.
Exor had said at the time PartnerRe had one of the highest capital and liquidity ratios in the global reinsurance industry and was not expected to be significantly affected by COVID.
Shares in Exor rose 2.2% in late morning trade on Friday, the top performer on a negative Milan market, with attention focused on what the Stellantis and Ferrari investor might do with the additional resources.
Exor and Covea said in a joint statement late on Thursday they planned to sign a final agreement by the end of the year, with the deal slated to complete in mid-2022....
....MUCH MORE
As noted in the intro to October 11's Cat Bonds/Reinsurance: "City of Zurich pension to double insurance-linked securities allocation":
The next time Munich Re starts moaning about climate change and how we're all going to die, or at minimum go broke, just remember reinsurance/cat bonds are a for-profit business and that some folks a couple hundred miles southwest of München, who might have access to some very sharp minds in the reinsurance/cat bond business, seem to think this is a profitable place to put some longer term money.Ditto for Covéa, they seem to think they can make a go of it, come hell or high water.
(a little reinsurance/cat bond wordplay)
