Reinsurance News

Covea

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

CIAM claims Kessler “neutralising” opposition via Covéa settlement

11th June 2021

Activist investor CIAM has expressed cynicism over the recent settlement agreement between SCOR and Covéa, who have elected to renew their relationship after failed takeover talks led to a string of accusations and investigations. SCOR is preparing to undergo a leadership transition at the end of June, when Laurent ... Read the full article

SCOR & Covéa reach settlement agreement

11th June 2021

Global insurer and reinsurer SCOR and the company's largest shareholder, Covéa Group, have elected to renew their relationship based on trust and mutual support after failed takeover talks led to a string of accusations and investigations. The ACPR has called on the pair to re-establish dialogue, leading to a binding agreement ... Read the full article

French regulator dismisses market abuse claims against SCOR’s Kessler

28th May 2021

The French financial regulator has concluded that there is insufficient evidence to support claims of market abuse made by Covéa against Denis Kessler, Chairman and CEO of SCOR. The French Financial markets authority informed the French Financial prosecution office that the information it has gathered does not support the charges made ... Read the full article

Covéa files complaint against SCOR CEO Kessler, SCOR refutes claims

25th March 2021

Covéa Group has filed on behalf of SCOR a complaint against its Chief Executive Officer (CEO), Denis Kessler, with the Parquet National Financier, which SCOR has refuted and condemned. French insurer and reinsurer SCOR's largest shareholder, Covéa, filed the complaint on Wednesday, March 24th, citing market manipulation and misuse of corporate ... Read the full article