Reinsurance News
Covea
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
Improved capital position prompts Covea ratings upgrade
22nd January 2020
S&P Global Ratings has upgraded its ratings for France-based insurer Covea Group, citing further improvements in the company’s capital adequacy and its leading competitive position within the regional P&C market. The rating agency raised Covea’s long-term insurer financial strength and issuer credit ratings from ‘A+’ to ‘AA-‘ and kept the group’s ... Read the full article
Willis Re Securities completes €120m cat bond for Covéa
19th November 2019
Willis Re Securities, a division of re/insurance broker Willis Towers Watson, has announced its role in structuring and placing Hexagon II Reinsurance DAC. This transaction provides French insurance group Covéa with a single €120 million tranche of fully collateralised protection against windstorm and other weather-related events for a four-year period. The structure ... Read the full article
Activist investor CIAM condemns “destructive” governance at SCOR
27th September 2019
Activist investor CIAM has addressed a new letter to the management at SCOR, accusing it of ignoring shareholder interests by pursuing “destructive” governance strategies in its negotiations with Covéa last year. Catherine Berjal, CEO of CIAM, renewed her public condemnation of Denis Kessler’s conduct today in an appeal to Augustin de ... Read the full article
French regulator advises SCOR and Covéa to reconcile
29th May 2019
The French Prudential Supervision and Resolution Authority (ACPR) has advised that re/insurers SCOR and Covéa end their conflict in order to avoid financial instability, according to reports from Reuters. The two companies have been involved in a protracted dispute since SCOR rejected an €8.2 billion takeover bid from Covéa in ... Read the full article
Covéa looking to diversify into reinsurance through M&A, reports Reuters
23rd April 2019
The Chief Executive Officer (CEO) of French insurance group Covéa, Thierry Derez, has said that the firm is eager to diversify into the reinsurance industry through acquisitions, reports Reuters. In January 2019, Covéa decided to abandon plans to pursue an acquisition of reinsurer SCOR after the firm rejected an offer ... Read the full article
SCOR sues Barclays, demands access to Covéa acquisition docs
25th February 2019
French reinsurer SCOR has gone through with it’s plans to prosecute Barclays, who acted as the financial advisor and financing bank to Covéa during its failed attempt to acquire SCOR in 2018, according to reports from the Financial Times. SCOR previously announced that it intended to sue Covéa and its ... Read the full article
SCOR never had discussions with PartnerRe, affirms CEO Kessler
12th February 2019
Denis Kessler, Chief Executive Officer (CEO) of French reinsurer SCOR, has reaffirmed that the company has never had discussions with Bermudian reinsurer PartnerRe regarding a potential merger scenario. Rumours about a possible combination between the two companies have circulated since SCOR rejected an €8.2 billion takeover bid from Covéa last year ... Read the full article
SCOR’s Kessler defends legal actions against Covéa
5th February 2019
Denis Kessler, Chief Executive Officer (CEO) of French reinsurer SCOR, has defended the company’s decision to initiate criminal actions against Covéa and its CEO, Thierry Derez, following the rejection of an €8.2 billion takeover bid last year. The SCOR boss addressed criticism from investors such as Catherine Berjal, CEO of ... Read the full article
Investors question SCOR’s “aggressive” legal dispute with Covéa
4th February 2019
French reinsurer SCOR has faced criticism from activist investors just days after the company announced it intends to initiate criminal actions against Covéa and its CEO, Thierry Derez, following the rejection of an €8.2 billion takeover bid last year. Catherine Berjal, CEO of investment management firm CIAM, penned a letter ... Read the full article
Covéa board firmly rejects “groundless” SCOR accusations
31st January 2019
After a statement from Covéa this week put an official end to its hopes of successfully navigating a takeover of SCOR, prompting the latter to pursue legal action, the company’s board of directors have firmly rejected what they describe as groundless acquisitions and reaffirmed its unanimous support for ... Read the full article
SCOR seeks prosecution of Covéa & Thierry Derez
29th January 2019
French reinsurance giant SCOR has announced that it plans to initiate criminal actions against Covéa and its Chief Executive Officer (CEO) Thierry Derez following the rejection of an €8.2 billion takeover bid in August 2018. The acquisition offer from Covéa, which is currently SCOR’s largest shareholder, was labelled as “hostile ... Read the full article
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