Creation of a leading diversified insurance and reinsurance Group
Covéa has approved today a Memorandum of Understanding with Exor related to the proposed acquisition, in cash, of all ordinary shares of PartnerRe Ltd Group.
A transaction fully fitting Covéa’s growth strategy
Covéa has always developed by anticipating long-term industry evolutions. Its choice of investing in the reinsurance sector is fully in line with this dynamic by enabling the development of strong positions across the entire insurance value chain.
As a major player in the reinsurance industry, PartnerRe is a natural partner, with its global franchise, its brand, its renowned teams and expertise, and its reinsurance pure player model. Covéa and PartnerRe share the same objectives of underwriting discipline, financial strength and long-term value-creation.
The proposed acquisition would enable Covéa to consolidate its diversification and internationalisation, by creating a top tier European insurance and reinsurance Group, based on a leading position in property and casualty insurance in France, and on a large reinsurer with a global franchise and diversified portfolio.
This transaction would further enhance group’s strength and development potential. It would notably support the profitable growth strategy of PartnerRe, by maintaining its brand and management team. It would thus contribute to build the future for the members, clients and employees of the new group.
Thierry Derez, Chairman and CEO of Covéa, said:
“This acquisition project comes at a time when the insurance sector is undergoing fundamental transformation, with emergence of new risks and new lifestyles, and increasing new participants entering insurance markets. It perfectly fits our growth strategy, our ability to adapt, the necessary complementarity of expertises and the importance of risks mutualization on a global basis. It would consolidate the future of PartnerRe and our mutual Group, serving the interests of our members and clients, as well as of our employees and partners.”