Italian investment giant Exor plans to propel Bermuda reinsurance firm PartnerRe into the top tier.

Exor CEO John Elkann, part of the billionaire Agnelli family that runs the company, said he hoped to put PartnerRe in the top four reinsurers in the world.

Mr Elkann, whose group engaged in a long-running battle with Bermuda’s Axis for control of PartnerRe, said: “We fought very hard to be here and now there is certainty.

“There’s a lot of negativism in the industry right now and people might wonder why we fought this hard to invest $7 billion in the sector.

“We are very optimistic because covering risk in our society is a need that will continue to exist and grow with the economy.”

Mr Elkann, whose firm paid nearly $7 billion for PartnerRe, was speaking at the Monte Carlo Yacht Club as part of the annual reinsurance Monte Carlo Rendez-vous.

He said that Exor had been one of the founding backers of PartnerRe when it was set up in 1993, but sold its stake after the company went public.

Mr Elkann added that Exor was committed to PartnerRe and predicted it could rival industry giants like Munich Re and Swiss Re.

He said: “I consider this to be a generational investment ... most of the earnings will be retained within the business. Our plan to put PartnerRe among the big four is a realistic objective.”

Mr Elkann said that scale was important in reinsurance, but ruled out PartnerRe adopting a hybrid insurance and reinsurance combination.

He added: “PartnerRe will stay a pure reinsurance company and not compete with customers.

“This is a recurrent theme with brokers and clients.”

New PartnerRe president Emmanuel Clarke backed the new owners’ ambition to become one of the world’s top reinsurers.

He told reporters at the Monte Carlo press conference: “I’m sure you have been following the story over the first part of this year.

“We have had two months of uncertainty. But this period is now coming to an end and it is a happy ending — but also a new start.

“We at PartnerRe are looking forward to this new chapter in our history, under the ownership of Exor.”

Mr Clarke said the takeover meant that PartnerRe would be preserved as a stand-alone company and that the buyout was a long-term investment rather than a private equity play.

And he added that — as a rash of mergers and acquisitions continues — PartnerRe was secure and could concentrate on its business.

Mr Clarke said: “Stability also means providing a consistency and continuity of approach to our clients.

“Reinsurance is a long-term partnership business and clients do not like surprises.”