PartnerRe

The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.

Nicholas Hughes will become retro head, while Guy Hengesbaugh and Aaron Coates join as underwriters.

The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor

Philippe Meyenhofer is named CEO of specialty at the Bermuda reinsurer.

This comes after Exor said the firm was not for sale.

The statements come after an outline agreement, signed by Covea 10 weeks ago, collapsed this week.

Plummeting global markets have reduced the value of the carrier’s investments, results show.

French insurer is reportedly confident despite stock prices having plummeted since the takeover was agreed.

The deal could value PartnerRe at more than $9bn.

The vehicle offers the firm $10mn less capacity than in 2019.

The reinsurer raised a small third-party fund to support its Lloyd’s book in 2018.

The ratings agency cites demonstrably effective risk management and “the strongest” balance sheet as it lifts both financial strength and issuer credit ratings at the reinsurer.