Reinsurance News
Covea
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
EXOR and Covéa sign MoU for $9bn sale of reinsurer PartnerRe
29th October 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have entered into a Memorandum of Understanding (MoU) under which Covéa would acquire global reinsurer PartnerRe for $9 billion (€7.7 billion). We wrote last week that discussions between EXOR and Covéa had reportedly resumed over ... Read the full article
EXOR & Covéa reported in talks over PartnerRe sale again
24th October 2021
According to reports, EXOR, the Agnelli family owned investment and holding company, is back at the negotiating table with French insurance group Covéa over the possible sale of reinsurance firm PartnerRe. Discussions between EXOR and Covéa are reported to have resumed in recent weeks, with Italian business newspaper Il Sole 24 ... Read the full article
Talks over the sale of AXA XL Re to Covéa fail: report
29th September 2021
According to reports in France, mutual insurance group Covéa's attempt to acquire the reinsurance operations of AXA XL has failed, with sources suggesting that the price proposed was insufficient. As reported by French publication, L'Argus de l'assurance, Covéa's search for a reinsurance entity continues after AXA XL Re joins the list ... Read the full article
Covéa promotes Adrian Furness to CEO
26th July 2021
French insurer Covéa Insurance has appointed Adrian Furness to the role of Chief Executive Officer. Furness has held the role of Chief Operating Officer at Covéa Insurance since December 2019, having previously been Claims Director of the company and its predecessor Provident Insurance since 2008. He succeeds James Reader, who is leaving ... Read the full article
Covéa interested in acquiring AXA XL Re: report
28th June 2021
French insurer Covéa has reportedly not given up on its plans to diversify into the reinsurance industry and is looking at the acquisition of AXA Group's non-life reinsurance operations, AXA XL Re. The news comes more than a year after Covéa's acquisition of Bermuda-based reinsurer PartnerRe was called off amid ... 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.
