Reinsurance News


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

Typhoon losses push PartnerRe to $188mn Q4 underwriting loss

3rd March 2020

Bermuda-based reinsurance firm PartnerRe has posted a non-life underwriting loss of $188 million for the fourth quarter of 2019, driven by Japanese typhoon losses and attritional losses on agriculture business. The company incurred catastrophic losses of $133 million from Typhoon Hagibis and $39 million of adverse development on Typhoon Faxai, as ... 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

PartnerRe sale could reduce asset diversity for Exor: S&P

11th February 2020

Analysts at S&P Global Ratings have warned that Exor’s potential sale of Bermudian reinsurance firm PartnerRe could improve the company’s financial flexibility, but to the detriment of its asset diversity. Exor confirmed yesterday that it is in discussions with French insurance group Covéa regarding a deal that could see PartnerRe ... 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

CCR Re hires PartnerRe’s Bertrand Petras as Vice President

29th January 2020

French reinsurance firm CCR Re has announced the appointment of Bertrand Petras, formerly of PartnerRe, as Vice President. In his new role, Petras will be tasked with expanding the firm's Life & Person branches, covering countries in the MENA region. He joins the state-backed reinsurer from Bermuda-based reinsurer PartnerRe, where he most ... Read the full article

A changing environment shouldn’t change your strategy: PartnerRe’s Colello

29th November 2019

Reinsurers should not be looking to alter their strategy in response to changing market conditions, but should instead be focusing on consistency and execution, according to Jon Colello, CEO for P&C Americas and President of PartnerRe. Speaking in an interview with Reinsurance News, Colello acknowledged that both insurers and reinsurers were ... Read the full article

Improved P&C result boosts PartnerRe in Q3

11th November 2019

Bermuda domiciled reinsurer PartnerRe has announced net income of $216 million for the third-quarter of 2019 compared with a net loss of $106 million for the same period in 2018, supported by net realised and unrealised gains and an improved property and casualty (P&C) performance. The reinsurer has announced net realised ... Read the full article

Verisk & PartnerRe leverage AI to transform life insurance underwriting

25th October 2019

Data analytics provider Verisk has collaborated with Bermudian reinsurer PartnerRe on the development of its new life insurance solutions, which, use advanced voice analytics and artificial intelligence (AI) to transform both underwriting and the customer experience. Under the new partnership, PartnerRe is set to test new tech that is able to ... Read the full article

PartnerRe makes key exec changes as EVP & CFO departs

11th October 2019

Mario Bonaccorso, the Executive Vice President and Chief Financial Officer of Bermudian reinsurer PartnerRe, is to depart the company on 31 March 2020 in order to pursue a new entrepreneurial venture. Bonaccorso will be succeeded by Nicolas Burnet, who joins from Zurich after serving across a number of senior positions for ... Read the full article

PartnerRe CEO optimistic on market, sees private capital model as competitive advantage

9th September 2019

Emmanuel Clarke, the President and CEO of reinsurance firm PartnerRe, told us he is optimistic on market conditions, seeing the potential for rates to continue firming into 2020. Clarke also explained to us in a recent interview that he feels PartnerRe’s privately-owned capital model is a true competitive advantage, enabling the ... Read the full article

AM Best upgrades PartnerRe credit ratings

2nd August 2019

AM Best has upgraded the Financial Strength Rating (FSR) of PartnerRe and its subsidiaries from A (Excellent) to A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) to aa- from a+. AM Best also has upgraded the Long-Term ICR of PartnerRe and its existing Long-Term Issue Credit Ratings (Long-Term IR) from ... Read the full article

Strong P&C result drives improved combined ratio for PartnerRe in Q2

29th July 2019

Bermudian reinsurer PartnerRe recorded an improved non-life combined ratio of 92.8% for the second-quarter of 2019 as a strong performance in its property and casualty (P&C) segment more than offset a decline in specialty. Overall, PartnerRe's net income increased by $160 million to $285 million in the second-quarter of 2019 when ... Read the full article

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