COVéA TO ACQUIRE PARTNERRE FOR $9BN

French mutual insurer is to acquire Bermudian reinsurer PartnerRe for $9bn in cash. Covéa said the acquisition is part of its “long-term strategy to anticipate the evolution of the global insurance environment through international growth and through diversification of products, risks and geographies”. PartnerRe, which writes only reinsurance business, writes risks on a worldwide basis through its three divisions: property and casualty, specialty and life and health. For the year ended December 31, 2020, total revenues were $7.4bn. The transaction resuscitates a deal that had fallen apart amid the Covid-19 pandemic in 2020.