- Joined
- May 4, 2018
- Messages
- 1,797
- Reaction score
- 1,476
MILAN, Oct 29 (Reuters) - Exor (EXOR.MI), the holding company of Italy's Agnelli family, has signed a preliminary accord to sell its PartnerRe re-insurer to French insurance group Covea for $9 billion, reviving a deal that had been derailed by the coronavirus pandemic.
The price tag is unchanged from last year, when Covea walked away from the purchase of the Bermuda-based firm saying it could no longer buy it under terms agreed before the COVID-19 outbreak, which Exor refused to change.
Exor had said at the time PartnerRe had one of the highest capital and liquidity ratios in the global reinsurance industry and was not expected to be significantly affected by COVID.
Shares in Exor rose 2.2% in late morning trade on Friday, the top performer on a negative Milan market (.FTMIB), with attention focused on what the Stellantis (STLA.MI)and Ferrari (RACE.MI)investor might do with the additional resources.
More at: Agnellis seal $9 bln PartnerRe reinsurer sale on pre-pandemic terms
The price tag is unchanged from last year, when Covea walked away from the purchase of the Bermuda-based firm saying it could no longer buy it under terms agreed before the COVID-19 outbreak, which Exor refused to change.
Exor had said at the time PartnerRe had one of the highest capital and liquidity ratios in the global reinsurance industry and was not expected to be significantly affected by COVID.
Shares in Exor rose 2.2% in late morning trade on Friday, the top performer on a negative Milan market (.FTMIB), with attention focused on what the Stellantis (STLA.MI)and Ferrari (RACE.MI)investor might do with the additional resources.
More at: Agnellis seal $9 bln PartnerRe reinsurer sale on pre-pandemic terms