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.
‘Young women seduce older men for sport’
Bermuda may try to attract remote workers
Gunshots fired at Sandys home
Blu shut for 14 days after Covid-19 breaches
Positive virus case arrives on Air Canada
Banana shortage shows need for local produce
Impact of suspending social insurance
Ada Foggo (1928-2020)
Wilson warns of ‘serious wake-up call’
Mother makes emotional plea for missing son
Police officer denies dishonesty charge
Tourist bus company offers ‘virtual tours’
Former interns take leading roles at PwC
Scawn committed to doing ‘whatever I can’
Virtual events lined up for Cup Match
Take Our Poll