Reinsurance News
PartnerRe
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
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