Covéa in exclusive talks to buy PartnerRe, confirms Exor

Italian investment company Exor has confirmed that it has entered into "exclusive discussions" with French mutual insurer Covéa regarding a possible all-cash acquisition of Bermuda-based reinsurer PartnerRe.

“These discussions are ongoing and there is no certainty that they will result in a transaction,” Exor said in a statement.

Exor added that it will not comment further on the matter until the discussions have been finalised.

Exor acquired PartnerRe in March 2016 for $6.9 billion following a lengthy takeover battle with rival AXIS, which had also sought to acquire the Bermuda-based re/insurer.