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PartnerRe

PartnerRe makes key changes to non-life structure, leadership

27th May 2020

Bermuda-based reinsurer PartnerRe has announced an adjustment to the responsibilities of executive leadership within Specialty Lines and has created the role of Chief Executive Officer for Global Cat. Effective June 1, Greg Haft will assume the role of CEO Global Cat. This newly created position will see him bring together the company’s ... Read the full article

PartnerRe promotes André Piché to President of Canadian L&H

22nd May 2020

Bermuda-based reinsurer PartnerRe has announced the promotion of André Piché to President of its Canadian Life & Health (L&H) operations, effective May 19th, 2020. In his new role, Piché takes overall responsibility for the firm's Canadian L&H operation, and will report to Alan Ryder, Chief Executive Officer (CEO) of North America ... Read the full article

PartnerRe adds Gareth Stanley to lead US Casualty

20th May 2020

Bermuda-based reinsurer PartnerRe has announced the appointment of Gareth Stanley as Head of US Casualty. Effective May 18, Stanley is to lead the company's strategic efforts towards growing and developing its US Casualty business. He will be primarily focused on offering clients relevant and impactful casualty reinsurance solutions. Stanley will be based in ... Read the full article

S&P revises PartnerRe outlook to stable from positive as Covéa deal collapses

18th May 2020

S&P Global Ratings has revised its outlook on Bermuda-based reinsurer PartnerRe to Stable from Positive following the collapse of its acquisition by French insurer Covéa. It was revealed last week that the $9 billion deal had been called off after owner EXOR declined to renegotiate the price in the context ... Read the full article

Fitch affirms, removes PartnerRe from Rating Watch Positive

15th May 2020

Fitch Ratings has affirmed and removed PartnerRe’s ratings from Rating Watch Positive, including its 'A-' Issuer Default Rating and the 'A+' (Strong) Insurer Financial Strength rating of its principal reinsurance operating subsidiary. The Rating Outlook is Negative. PartnerRe’s removal from Positive Watch follows news that EXOR N.V. and Covea’s $9 ... 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

Turbulent investment landscape pushes PartnerRe to $433mn Q1 loss

8th May 2020

Bermuda-based reinsurer PartnerRe has announced a net loss of $433 million for the first-quarter of 2020, as COVID-19-induced financial market volatility and fading equity markets significantly impacted the company's investments in the period. PartnerRe's Q1 2020 net loss compares with net income of $497 million a year earlier, and includes net ... Read the full article

PartnerRe names AXIS Re’s Jeffrey Ryan as Head of Financial Risks

4th May 2020

Bermuda-based reinsurer PartnerRe has announced the appointment of Jeffrey Ryan as Head of Financial Risks, effective May 1st, 2020. In his new role, Ryan takes responsibility for the leadership of the company's global Financial Risks team and portfolio. He will be based in the firm's Stamford office, and will report to ... Read the full article

Fitch maintains PartnerRe on Positive Watch after COVID-19 review

27th April 2020

Fitch Ratings has maintained PartnerRe’s ratings on Rating Watch Positive, including its 'A-' Issuer Default Rating and the 'A+' (Strong) Insurer Financial Strength rating of the company's principal reinsurance operating subsidiary. Fitch’s ratings are based on its current assessment on the impact of the coronavirus pandemic, including its economic impact, under ... 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

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