logo
Plus   Neg
Share
Email

Covea Reportedly In Talks To Buy Agnellis' PartnerRe For $9 Bln Cash

French insurer Covea is in advanced talks with the Agnelli's Exor NV to buy the Italian company's reinsurance business PartnerRe for about $9 billion cash, the Bloomberg reported, citing people familiar with the talks. The report specified that the discussions are advanced but may still not produce a deal.

Covea approached Exor with an offer for the reinsurer and is in exclusive talks with the holding company that also controls Fiat Chrysler NV and Ferrari NV, the report stated.

The report added that the acquisition of PartnerRe would help Covea diversify its business beyond home, auto, life and health insurance coverage.

A spokesman for Exor declined to comment. A representative for Covea didn't immediately respond to request for comment outside business working hours.

Exor, led by the Agnelli scion John Elkann -- who is also chairman of Fiat and Ferrari -- bought PartnerRe for $6.9 billion in 2015.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Walt Disney Co. plans to lay off 28,000 theme park employees in U.S., as the coronavirus pandemic continues to affect its businesses. The layoff will affect about 67 percent of part-time employees. JPMorgan Chase & Co (JPM) agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company's alleged manipulation of metal and treasuries markets. Elon Musk, the founder and CEO of Space Exploration Technologies, or SpaceX, said the aerospace company is planning to list its space internet venture, Starlink, after many years when revenue growth is smooth and predictable. In a tweet, Musk said, "We will probably IPO Starlink, but only several years in the future when revenue growth is smooth & predictable. Public market does *not* like erratic
Follow RTT