Exor and Covéa sign a definitive agreement for the sale of PartnerRe for $9 billion

Covéa and Exor have signed a definitive agreement under which Covéa will acquire PartnerRe , the global reinsurer wholly-owned by Exor.

The agreed cash consideration of $9.0 billion (approximately €7.8 billion) to be paid by Covéa on the closing of the transaction is based on a consolidated common shareholders’ equity value of $7 billion. Preferred Shares issued by PartnerRe and listed on the NYSE will not be included in the proposed acquisition.

This transaction with Covéa will reinforce PartnerRe’s development as a great company in its industry thanks to a significant increase in the scale and capital strength that membership of a larger financial institution will bring, and the value that it represents for its clients.

Following a successful closing of the transaction, Exor and Covéa will continue their reinsurance cooperation, with Exor acquiring from Covéa interests in special purpose reinsurance vehicles managed by PartnerRe for approximately $725 million. Covéa, Exor and PartnerRe will also continue to invest jointly in Exor-managed funds with reinforced alignment of interests.

Subject to obtaining approvals from the applicable regulatory and competition authorities, it is expected that the transaction will complete in mid-2022, based on PartnerRe’s audited consolidated common shareholders’ equity as at 31 December 2021.