Covéa to acquire PartnerRe

The French mutual group Covéa is to acquire PartnerRe, the 12th largest reinsurer worldwide, from the financial holding company of the Italian Agnelli family "Exor".

The transaction would cost 9 billion USD and enable Covéa to have a combined turnover worth 23 billion USD.

Covéa is the parent company of MAAF, GMF and MMA. It has a solvency ratio of 411%, an AA- credit rating and almost 10 billion EUR (11 billion USD) in surplus. Covéa, SCOR's largest shareholder with an 8.15% stake, failed in August 2018 to buy out the French reinsurer.