Covéa inks €1.5bn joint investment deal with Exor and PartnerRe
French insurer Covéa has entered into €1.5 billion investment and reinsurance cooperation agreements with Italian investment company Exor and its Bermuda-based reinsurer PartnerRe.
Under the investment agreement, Covéa group will allocate a total of €750 million over the 2021-2023 period for investment opportunities alongside the Exor group.
Additionally, Covéa will invest a total of €750 million over a period of five years in special purpose reinsurance vehicles managed by PartnerRe, investing in property catastrophe and other short-tail reinsurance contracts.
A €500 million investment in special purpose insurance vehicles will be made on January 1, 2021 with an additional €250 million investment to be made prior to or on January 1, 2024.
Covéa said the agreement aims to together seize investment opportunities in the context of a deeply changing economy.
John Elkann, chairman and chief executive officer of Exor, said: “After having decided definitively to continue our project to build one of the world’s leading independent reinsurers, we’re more than happy now to have been able to agree with Covéa this constructive cooperation extending also to other fields of our activity."
