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Two ratings agencies have downgraded reinsurance firm PartnerRe after Italian investment giant Exor won control of the company. Standard & Poor (S&P) changed its outlook on PartnerRe from stable to negative after Monday’s $6.9 billion takeover, which...

PartnerRe has agreed to be bought out by Italian investment firm Exor in a $6.9 billion deal. The reinsurer has scrapped its previous plan to merge with fellow Bermuda firm Axis Capital. Exor, which is controlled by the wealthy Agnelli family, will p...

Axis Capital failed in its bid to merge with rival PartnerRe after Italian investment firm Exor won a bidding war — but the firm is $315 million better off as a result of a massive break fee. The firm accepted defeat after PartnerRe’s board yesterday...

Two more proxy advisory firms have recommended PartnerRe shareholders to vote against a merger with Axis Capital. Proxy Mosaic said that a rival all-cash $6.8 billion bid by Italian investment firm Exor for PartnerRe “outweighs the potential upside i...

PartnerRe last night reported a net loss of $103.1 million as a fall in the value of its investments took its toll. The Bermuda reinsurer said operating earnings were $112.5 million, or $2.35 per share, but these were offset by realised and unrealise...

A leading shareholder advisory firm has advised PartnerRe shareholders to vote against an $11 billion merger with rival Axis. And Independent Shareholder Services (ISS) backed the rival $6.8 billion plus proposal from Italian investment firm Exor aft...

A second investment advisory firm has backed a bid by Italian company Exor for Bermuda-based reinsurer PartnerRe. Glass Lewis advised shareholders in PartnerRe to reject the rival merger proposal from Axis Capital as the all-cash Exor offer is superi...

The board of takeover target PartnerRe yesterday did a U-turn and admitted an improved bid by Italian investment firm Exor was likely to be a “superior proposal” to its merger plan with Axis Capital. The Bermuda-based insurer said it was prepared to ...

Italian investment giant Exor today upped the stakes in a poker game for control of Bermuda reinsurer PartnerRe. Exor has added a $3 per share dividend sweetener to its $137.50 a share bid for control of the firm. The move brings the value of Exor’s ...

Axis and PartnerRe have boosted the special dividend for PartnerRe’s common shareholders to $17.50 if they back a merger deal. And the two firms also pledged to match an offer to preferred shareholders by Italian investment firm Exor, who have launch...

Would-be merger partners Axis and PartnerRe yesterday both unveiled predicted financial results for the second quarter of the year. Axis said it expected to announce operating income of between $91 million and $97 million for the three-month period, ...