Reinsurance News


Covéa completes deal to purchase PartnerRe from EXOR

13th July 2022

French mutual insurer Covéa has completed the acquisition of global reinsurer PartnerRe from EXOR, the Agnelli family owned investment and holding company, for a total cash consideration of $9.3 billion (€8.6bn). After signing a Memorandum of Understanding (MoU) in October 2021, after an initial deal was terminated in May ... Read the full article

PartnerRe hires Ruparelia as Chief Actuarial and Risk Officer

17th June 2022

Bermuda-based PartnerRe has appointed Sima Ruparelia as Chief Actuarial and Risk Officer. She will join the reinsurer on June 27, 2022. Within this role, Ruparelia will be based in London, and will report to PartnerRe’s President and Chief Executive Officer (CEO) Jacques Bonneau, as a member of the Company’s Executive Leadership Team. As ... Read the full article

Appetite for underwriting property cat reinsurance business tightening

1st June 2022

Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article

PartnerRe falls to net loss on investments, but non-life underwriting improves

20th May 2022

Bermuda-based PartnerRe has reported an improvement in non-life underwriting for the first-quarter of 2022, although unrealised losses on the back of increases in interest rates has resulted in a net loss of $539 million. The net loss reported by PartnerRe represents a deterioration from the $66 million loss announced in Q1 ... Read the full article

European Commission clears path for Covéa to acquire PartnerRe

19th April 2022

The European Commission has cleared the way for Covéa to acquire PartnerRe. The deal, which has been valued at $9bn, has been in the works since last year. Back in October, EXOR and Covéa signed a memorandum of understanding that the former would sell the reinsurer in its entirety to ... Read the full article

Exor bumps up price of PartnerRe by €328m

25th March 2022

Exor has increased the sales price for PartnerRe by €328m. Last year, the firm made a deal with Covéa to sell PartnerRe for $9bn. However, Exor said, in announcing its board of directors approving its 2021 figures, that the price had risen. Exor wrote: “The agreed cash consideration of $9.0bn to ... Read the full article

PartnerRe reports non-life underwriting profit of $507mn for 2021

3rd March 2022

Bermuda domiciled reinsurer PartnerRe reported a non-life underwriting profit of $507 million for 2021, which was reflected in its improved combined ratio of 90.5% compared to a combined ratio of 106.0% for the fourth quarter and full year of 2020. Large catastrophic losses totalled $66 million for the fourth quarter of ... Read the full article

Net premiums rise for reinsurers in Bermuda

20th January 2022

The net premiums written for a group of eight reinsurers based in Bermuda rose by 18.1% through 9m21. The figure was supplied by Fitch in one of its latest reports. The company suggested that the growth was driven by rate increases, plus growth in casualty and specialty writings. Among the eight reinsurers—Arch ... Read the full article

AM Best positive on Covéa’s acquisition of PartnerRe

23rd December 2021

Rating agency AM Best has given an optimistic view on the acquisition of reinsurance company PartnerRe by French mutual insurance group Covéa, saying the diversification is positive for Covéa, while PartnerRe will benefit from increased scale and capital strength. Just last week, EXOR, the Agnelli family owned investment and holding ... Read the full article

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

MS Amlin names PartnerRe’s Jörg Bruniecki CUO, EMEA

30th November 2021

Global reinsurer MS Amlin AG has appointed Jörg Bruniecki as Chief Underwriting Officer for Europe, the Middle East and Africa (EMEA), a Zurich-based role. Effective 2022 Bruniecki will report to Charles Goldie, CUO of the wider MS Amlin AG group With over 24 years’ experience across a range of executive leadership positions, ... Read the full article

PartnerRe secures Q3 net income of $70mn despite sizeable cat hit

9th November 2021

PartnerRe has reported a common shareholder net income for the third quarter of $70 million, having hit $206 million income during the same period in 2020. Concurrently, net income available to common shareholders was $317 million for the first nine months of 2021, compared to $2 million in 2020. Large catastrophe losses ... 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

PartnerRe hits improved Q2 net income of $314mn

27th July 2021

Global reinsurer PartnerRe has reported a second quarter net income of $314 million, up from the $229 million achieved in the prior year period. For the half year 2021, a $204 million net income has been announced, after registering a loss in the same period of 2020. Operating income was $151 million ... Read the full article