Why Covéa remains determined to bet big on reinsurance

Posted on Oct 25, 2021, 5:33 PMUpdated Oct 25, 2021, 5:58 PM

Covéa sets off again. The French insurer has resumed discussions with Exor, the holding company of the Agnelli family, about a possible sale of the reinsurer PartnerRe, revealed the Italian business daily, “Il Sole 24 Ore”, this weekend. The information, which jumped the price of Exor by 5.8% on Monday, is not commented on by the two parties but confirms Covéa’s determination to diversify into reinsurance, despite a series of failures.

Already in March 2020, the mutualist had put $ 9 billion in cash on the table to acquire PartnerRe. His attempt at renegotiation in view of the devastation of the Covid-19, had ended up derailing the operation. But the two players never cut ties and even signed a “framework cooperation agreement” a few months later, providing for Covéa’s investments in reinsurance vehicles managed by PartnerRe.

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