Axis battles to complete deal as new bidder swoops for PartnerRe
Axis Capital has reaffirmed its commitment to its planned merger with PartnerRe following a rival bid for the reinsurer by investment company Exor.
Exor yesterday (Tuesday March 14) made a $6.4 billion bid for PartnerRe, valuing PartnerRe shares at $130 each.
Albert Benchimol, president and chief executive officer of Axis, said: “Axis Capital is fully committed to its combination with PartnerRe. Our transaction with PartnerRe brings together two independently strong companies to create one broadly diversified global specialty insurance and reinsurance company whose scale, capital and enhanced market presence will form a powerhouse within the industry.”
He explained that the combined company will have a strong capital position, significant financial strength, a combined world-class management team and industry-leading talent.
“As such, it will deliver significant operating and capital synergies, as well as an expanded solution set and product offering for clients and partners. We are confident that the combined company is positioned to deliver superior and sustainable value to all shareholders,” said Benchimol.
