Reinsurance News


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

PartnerRe expects long-term commitment from Covéa, says CEO Clarke

17th April 2020

Emmanuel Clarke, Chief Executive Officer (CEO) of Bermudian reinsurer PartnerRe, has said that the recently announced acquisition by Covéa is “a very good strategic fit” for the company. Speaking in an interview with Reinsurance News, Clarke explained that PartnerRe views Covéa as “a long-term committed owner” with a long-term strategic interest ... Read the full article

Covéa committed to PartnerRe acquisition despite COVID-19 impacts: reports

30th March 2020

Despite the global COVID-19 coronavirus pandemic having a significant impact on European countries, driving meaningful and widespread financial market volatility, Covéa has reportedly said that it remains committed to its deal with Exor to acquire reinsurer PartnerRe. In early March, Covéa and Exor announced the signing of a Memorandum of Understanding ... Read the full article

Could market decline force M&A price renegotiations? (Covea-PartnerRe, Aon-WTW)

23rd March 2020

With pressures from the coronavirus (COVID-19) outbreak causing a surge in market volatility and significant decreases in share prices, there could be a question mark over some of the larger merger and acquisition (M&A) deals announced recently. For example, PartnerRe shares were valued at US $27.20 per share on the New ... Read the full article

Rating agencies view Covéa takeover as beneficial for PartnerRe

5th March 2020

Rating agencies Fitch and Moody’s have said that they view the recently confirmed acquisition of PartnerRe by Covéa as potentially beneficial for the Bermudian reinsurer. Fitch has placed PartnerRe’s ratings on Rating Watch Positive after the news emerged yesterday, while Moody’s affirmed its ratings and noted that PartnerRe would likely ... Read the full article

Covéa to acquire PartnerRe from EXOR for $9bn

4th March 2020

EXOR, the Agnelli family owned holding company, has reached an agreement with French insurance group Covéa over the sale of PartnerRe. The pair have entered into a Memorandum of Understanding (MoU) under which Covéa has agreed to acquire PartnerRe for a total cash consideration of $9 billion, plus a cash dividend ... Read the full article

“Significant degree of continuity” between PartnerRe, Covéa: Moody’s

17th February 2020

Moody’s analysts see a “significant degree of continuity” between PartnerRe’s senior management and underwriting teams and its overall corporate strategy following a potential $9 billion acquisition by French insurance group Covéa. Already rumoured, parent company Exor SpA has confirmed that PartnerRe is the subject of sale talks. Should such a transaction ... Read the full article

Exor confirms talks with Covéa on rumoured $9bn PartnerRe sale

10th February 2020

Partner Re, the Bermuda-based reinsurance firm, is said to be the subject of discussions over a $9 billion potential sale between its current owner the Agnelli family-owned Exor and French insurance group Covéa. Already rumoured, Exor has now confirmed that PartnerRe is the subject of sale talks. The still rumoured price of ... Read the full article