PartnerRe and Axis Capital Holdings give birth to a new heavyweight of reinsurance

The two Bermuda-based reinsurers, PartnerRe and Axis Capital, announced their merger. The transaction which would be finalised in the second half of 2015, will create a new heavyweight of insurance and reinsurance in the world.

Image provided to Microsoft by iStockphoto. Used with permission from Microsoft It will have a market capitalization of more than 14 billion USD and 33 billion in cash and invested assets. The new entity, which will total more than 10 billion USD in gross premiums (7 billion for reinsurance, 2.5 billion for special lines insurance and 1.5 billion for life insurance, accident and health) will be led by Albert A. Benchimol, current CEO of AXIS Capital. The presidency will go to Jean-Paul L. Montupet who is currently holding this same position at PartnerRe.

"As one of the world's top five reinsurers with a dominant position in a number of specialty businesses, we will be solidly positioned to turn into opportunities the challenges presented by the structural changes in the reinsurance market," commented Albert Benchimol. The overall capital will be held by the shareholders of PartnerRe and Axis at 51.6% and 48.4% respectively.

0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits