Reinsurance News
Covea
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
Court orders Derez and Covéa to pay €19.6mn in compensation to SCOR
11th November 2020
Global re/insurer SCOR has announced that the Paris Commercial Court has ruled against Thierry Derez and Covéa for misconduct during the preparation and execution of Covéa's unsolicited takeover bid for the French re/insurer. The judgement rendered on November 10th, 2020, finds that Derez, the CEO of SCOR's largest shareholder, Covéa, committed ... Read the full article
Covéa and Swiss Re reported on verge of arbitration over COVID-19 BI claims
16th September 2020
According to reports in the French press, insurer Covéa is set to launch an arbitration with its reinsurer, Swiss Re, concerning COVID-19-related business interruption (BI) losses of at least €500 million. Reports state that both Covéa and Swiss Re are in the process of selecting their arbitrators as tensions between insurers ... Read the full article
Covéa to invest €1.5bn with EXOR & PartnerRe managed reinsurance vehicles
4th August 2020
French insurer Covéa has entered into a €750 million investment cooperation with EXOR and, at the same time, has signed a €750 million reinsurance cooperation agreement with Bermuda-based reinsurer, PartnerRe. Covéa group is set to allocate €750 million over 2021 - 2023 for investment opportunities alongside the EXOR group, one of ... Read the full article
Speculation returns that Covéa could bid again for SCOR
13th May 2020
Following French insurer Covéa's decision to pull out of its previously-agreed deal to purchase PartnerRe from Exor, speculation around a potential renewed bid for SCOR has resurfaced. As we reported earlier today, the acquisition of reinsurer PartnerRe by Covéa has been cancelled, after owner EXOR declined to renegotiate the price ... Read the full article
Covéa’s acquisition of PartnerRe from EXOR called off
13th May 2020
The acquisition of global reinsurer PartnerRe by French insurer Covéa has been abruptly called off, after owner EXOR declined to renegotiate the price in the context of the Covid-19 pandemic. Covéa had sought a renegotiation of the acquisition price for PartnerRe in the wake of the pandemic, but EXOR believes that ... Read the full article
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