Covea - PartnerRe - EXOR logos

The acquisition of global reinsurer PartnerRe by French insurer Covéa has been abruptly called off, after owner EXOR declined to renegotiate the price in the context of the Covid-19 pandemic.

Covéa had sought a renegotiation of the acquisition price for PartnerRe in the wake of the pandemic, but EXOR believes that the original price should stand and would not return to the negotiating table, it seems.

EXOR and Covéa entered into a Memorandum of Understanding (MoU) at the beginning of March, under which Covéa agreed to acquire PartnerRe for a total cash consideration of $9billion, plus a cash dividend of $50 million.