The French mutual group was already interested in acquiring the Bermuda-based reinsurer in 2020 and even signed a first memorandum of understanding with the holding company in March of the same year.
Due to the pandemic, Covéa announced in May 2020 that it had dropped the merger operation with PartnerRe [4]. Negotiations between the two partners resumed in October 2021.
The transaction remains subject to further consultation with Covéa's employee representative bodies and the authorization of the relevant authorities.
Both partners plan to conclude a definitive sale agreement by the end of 2021 and finalize the transaction in H1 2022.
This acquisition is in line with the growth and diversification strategy of the mutual group.
For the record, Covéa and Exor signed a partnership agreement in August 2020 in the investment and reinsurance fields.