Despite an unfavorable economic context, disrupted by the war in Ukraine, inflation and rising interest rates, Covéa has managed to conclude the takeover operation of the Bermudan reinsurer PartnerRe. The transaction's value amounts to 9.15 billion USD. The deal will allow the French mutual group to diversify its activities and to expand its international reach.
Simultaneously with this consolidation operation, Covéa is restructuring its management. The functions of Chairman and CEO are thus separated. Thierry Derez will keep the position of Chief Executive Officer and will hand over the group's Chairmanship to Michel Gougnard. These appointments became effective on 1 July 2022.
For the financial year 2021, Covéa, which has a workforce of 23 000 employees, has posted a net result of 840 million EUR (950 million USD) for a turnover of 19 billion EUR (21.5 billion USD).
For its part, PartnerRe counts 1 100 employees and has recorded a net profit of 680 million USD and 8 billion USD in premiums.
Read also | PartnerRe takeover by Covéa: Exor to raise the sale price [4]