Partnership between Covéa and Exor

On 3 August 2020, the Covéa and Exor groups signed a partnership agreement in investment and reinsurance. For 2021-2023, Covéa will first allocate 750 million EUR (881.472 million USD) to investment activities with Exor.

After that, the mutual insurer will disburse 750 million EUR (881.472 million USD). Managed by PartnerRe, the second contribution, to be spread over five years, will be devoted to investments in reinsurance.

For the record, in February 2020, Covéa was planning to buy the reinsurer from Exor, holding company of the Agnelli family. Due to coronavirus, the group decided, on 12 May 2020, to drop the 9 billion USD acquisition.