Covea mulls buying Agnellis’ PartnerRe for $9 billion – The National

Covea mulls buying Agnellis’ PartnerRe for $9 billion – The National

French insurer Covea is in advanced talks with the Agnelli family's Exor to buy the Italian company's reinsurance business PartnerRe for about $9 billion in cash, according to people familiar with the discussions.. Covea approached Exor with an offer for the Bermuda-based reinsurer and is in exclusive talks with the holding company that also controls Fiat Chrysler and Ferrari, said the people, who asked not to be identified as the discussions are private.. A sale for $9bn in cash would mark a significant gain for the Italian billionaire clan.. Insurers and reinsurers are under pressure from the low to negative interest rates at which they have to invest a large chunk of their premiums.. Insurers have turned to dealmaking and ways of diversifying their revenue streams, including moves into reinsurance and asset management.. It would be biggest deal in the industry since Axa SA bought XL in 2018 for $15.3bn.. Reinsurers insure risks of primary insurers such as Covea and have themselves been subject to pricing pressure and consolidation in the industry.. Exor won a hostile takeover battle for PartnerRe in 2015, breaking up a merger agreement between the reinsurer and Axis Capital Holdings.. A sale of the company would