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The French mutual group Covéa is to acquire PartnerRe, the 12th largest reinsurer worldwide, from the financial holding company of the Italian Agnelli family "Exor".
The transaction would cost 9 billion USD and enable Covéa to have a combined turnover worth 23 billion USD.
Covéa is the parent company of MAAF, GMF and MMA. It has a solvency ratio of 411%, an AA- credit rating and almost 10 billion EUR (11 billion USD) in surplus. Covéa, SCOR's largest shareholder with an 8.15% stake, failed in August 2018 to buy out the French reinsurer.
