Covéa fails in its attempt to acquire AXA XL Re

In June 2021, Covéa announced its interest in acquiring AXA XL Re, AXA's Bermuda-based property and casualty reinsurance subsidiary. After months of negotiations, the acquisition of the reinsurance entity by Covéa will not proceed.

The price proposed by the mutual group was deemed unsatisfactory by the French insurer. AXA XL Re is estimated at around 3 to 3.9 billion EUR (3.5 to 4.5 billion USD). This is the third unsuccessful attempt by Covéa after the acquisition attempts of reinsurers SCOR and Partner Re.