French insurance group said to be interested in acquiring Axa XL Re – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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French insurance group said to be interested in acquiring Axa XL Re

Covéa, a French non-life mutual, is said to be interested in acquiring Axa XL Reinsurance (File photograph)

A French mutual insurance group that almost bought PartnerRe, is interested in acquiring Axa XL Reinsurance, according to reports.

The deal could be worth about $5 billion.

Early last year Covéa, a French non-life mutual, has been on the verge of buying Bermudian-based PartnerRe in a $9 billion deal. That was called off in March 2020. At the time, Covéa said it was not going ahead with the purchase of Partner Re from Exor due to “significant uncertainties threatening the global economic outlook”.

Covéa is now said to be interested in acquiring Axa XL’s reinsurance business, according to media reports. The story was first covered by Bloomberg.

Covéa has declined to comment, according to the reports. Axa told The Royal Gazette it had no comment.

Insurance Journal said the news story “is credible,” according to a research note by Berenberg Capital Markets.

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Published June 29, 2021 at 7:58 am (Updated June 30, 2021 at 8:08 am)

French insurance group said to be interested in acquiring Axa XL Re

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