The two Bermuda-based reinsurers, Partner Re [4] 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.
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.
The overall capital will be held by the shareholders of PartnerRe and Axis at 51.6% and 48.4% respectively.