Exor is in talks to sell PartnerRe to France’s Covea for $9 bln. But deploying the proceeds wisely is a new challenge for the Agnellis, says LJucca:
Italy’s Exor, the controlling shareholder in carmaker Fiat Chrysler Automobiles, said on Feb. 9 that it was in exclusive talks to sell reinsurer PartnerRe to Covea of France in an all-cash deal.
The potential deal is worth around $9 billion, Reuters reported citing a source familiar with the matter.Exor, which fully controls PartnerRe, bought the Bermuda reinsurer for $6.9 billion in 2016 after a bitter takeover battle with Axis Capital. At the end of 2018, PartnerRe was Exor’s largest investment in terms of net asset value, its filings show.
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