Reinsurance News
Covea
SCOR/Covéa arbitration on retrocession treaties stays on track
15th August 2025
SCOR has confirmed that the arbitration tribunal overseeing its dispute with Covéa over June 2021 retrocession treaties will keep to the original timetable, with a final ruling expected in 2026. Providing some background, in 2022, SCOR filed an arbitration seeking the execution of the retrocession treaties signed with Covéa in June ... Read the full article
Compre acquires Covéa’s US subsidiary CSE Group
16th April 2025
Bermuda-domiciled legacy reinsurer Compre Group Holdings Limited (Compre) has announced the completion of its acquisition of the CSE Group, a US subsidiary of Covéa. The CSE Group includes two California-domiciled personal lines insurance carriers that ceased underwriting new business in 2024. This marks the second transaction between Covéa and Compre, ... Read the full article
Covéa’s 2023 net income improves amid positive reinsurance developments
17th April 2024
Covéa has reported a net income of €1.48 billion in 2023, up from €896 million in 2022, mainly driven by its reinsurance result, which was bolstered by the full-year integration of PartnerRe. Covéa's net income from reinsurance activities in 2023 was €1.08 billion, up from €857 million in the previous year. ... Read the full article
Reinsurers lose key Covid business interruption case
14th February 2024
In a landmark decision, the UK Commercial Court has ruled in favour of insurer's Covéa and Markel on a non-damage business interruption case linked to the COVID-19 pandemic. The dispute was between the two insurers and their respective reinsurers, Markel's being General Reinsurance AG, and Covéa's UnipolRe Designated Activity Company. The ruling ... Read the full article
SCOR exercises call option to buy 9m of its shares held by Covéa
5th October 2023
The board of directors of French reinsurance giant SCOR have authorised the partial exercise of the call option to purchase 9,000,000 SCOR shares held by Covéa, representing 5.01% of SCOR’s share capital. Under the June 2021 settlement agreement entered into between SCOR and Covéa in the presence of the Autorité ... Read the full article
Covéa and Gen Re back policies for new life insurtech Bluezone
12th June 2023
Bluezone, the insurtech company that is reinventing life insurance for people with chronic illnesses, has launched its first policy in the UK with a unique policy for people with Type 2 diabetes. This new life insurance solution offers people in the UK with Type 2 diabetes life insurance coverage through a ... Read the full article
AM Best upgrades Covéa ratings following PartnerRe acquisition
22nd December 2022
AM Best has upgraded the financial strength rating of Covéa Coopérations to A+ (superior) from A (excellent), and its long-term issuer credit rating to “aa-” (superior) from “a+” (excellent), while removing its status of under review with positive implications. According to the rating agency, the ratings reflect Covéa’s balance sheet strength, ... Read the full article
COP27: Covea, Hiscox & RSA commit to Flood Re’s Build Back Better scheme
14th November 2022
Andy Bord, Flood Re’s CEO, has announced that leading UK insurers, Covea, Hiscox and RSA, have joined the Build Back Better scheme. Launched by Flood Re back in April this year, the Build Back Better scheme is a joint initiative between the UK insurance industry and the UK Government to ... Read the full article
Compre to acquire Irish subsidiary of Covéa
21st October 2022
Bermuda-headquartered international legacy group, Compre has announced that it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Company DAC (MIC), which provided general liability insurance covering professional medical malpractice risks. The transaction is subject to regulatory approvals. Moreover, the acquisition represents a further step in Compre’s ambition to ... Read the full article
Fitch upgrades PartnerRe following acquisition by Covea
21st July 2022
Fitch Ratings has upgraded PartnerRe’s Issuer Default Rating (IDR) to 'A' from 'A-' and senior unsecured debt ratings to 'A-' from 'BBB+'. Fitch has also upgraded the Insurer Financial Strength (IFS) rating of Partner Reinsurance Company, the company's principal reinsurance operating subsidiary, to 'AA-' (Very Strong) from 'A+' (Strong), ... Read the full article
PartnerRe acquisition could improve Covéa business profile: AM Best
18th July 2022
Analysts at AM Best have reported that the recent acquisition of PartnerRe could lead to an improvement in Covéa’s business profile by significantly diversifying its offerings on a product and geographic basis. The rating agency stated that its financial strength ratings for Covéa remain unchanged following the announcement last week ... Read the full article
Covéa completes deal to purchase PartnerRe from EXOR
13th July 2022
French mutual insurer Covéa has completed the acquisition of global reinsurer PartnerRe from EXOR, the Agnelli family owned investment and holding company, for a total cash consideration of $9.3 billion (€8.6bn). After signing a Memorandum of Understanding (MoU) in October 2021, after an initial deal was terminated in May ... Read the full article
European Commission clears path for Covéa to acquire PartnerRe
19th April 2022
The European Commission has cleared the way for Covéa to acquire PartnerRe. The deal, which has been valued at $9bn, has been in the works since last year. Back in October, EXOR and Covéa signed a memorandum of understanding that the former would sell the reinsurer in its entirety to ... Read the full article
AM Best positive on Covéa’s acquisition of PartnerRe
23rd December 2021
Rating agency AM Best has given an optimistic view on the acquisition of reinsurance company PartnerRe by French mutual insurance group Covéa, saying the diversification is positive for Covéa, while PartnerRe will benefit from increased scale and capital strength. Just last week, EXOR, the Agnelli family owned investment and holding ... Read the full article
Covéa’s $9bn acquisition of PartnerRe from Exor progresses
17th December 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have now signed a definitive agreement for the sale of reinsurer PartnerRe to Covéa for $9 billion. It was announced in late October that renewed talks between the parties had led to a Memorandum of ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
