M&A

A combined Axis-PartnerRe hopes to earn an additional $60mn a year by 2017 from managing third-party capital.

A combined Axis-PartnerRe hopes to earn an additional $60mn a year by 2017 from managing third-party capital, according to a presentation released by Axis today (1 June)

PartnerRe is now proceeding to shareholder approval of its pending merger with Axis after rival bidder Exor confirmed yesterday (21 May) that it would not increase its $137.50-a-share takeover offer.

The holding company for MultiStrat Re, a platform set up to help hedge funds tap into the reinsurance space, has acquired Maryland-based Annapolis Consulting Group (ACG) for an undisclosed amount.

Exor has said it would not raise its $137.50 a share takeover offer for PartnerRe and that the board should allow shareholders to decide on the competing proposals for the reinsurer.

The board of PartnerRe has agreed to engage with Italian investment vehicle Exor over its latest $137.50 per share takeover proposal, but remained adamant that the offer wasn't enough to secure a deal.

Italian investment company Exor has increased its bid for PartnerRe from $130 to $137.50 per share and acquired a 9 percent stake to become the reinsurer's largest shareholder.

Italian investment vehicle Exor has increased its bid for PartnerRe from $130 to $137.50 per share and acquired enough shares in the reinsurer to become its largest shareholder.

PartnerRe has said that it will retrocede $36mn of agricultural premiums to its Lorenz Re sidecar in the April renewals, according to its first quarter earnings call.

Axis president and CEO Albert Benchimol said his firm was "fully committed" to a merger with PartnerRe after Exor made a rival proposal 15.8 percent higher than its bid.

Canadian pension giant Ontario Municipal Employees Retirement System (Omers) has agreed to buy up to 29.9 percent of Brit Insurance from Fairfax Financial.

The Agnelli family's investment firm Exor looks to have scuppered the proposed acquisition by Axis proposed of PartnerRe with a $6.4bn all-cash bid that values the company at a significant premium to the recommended all-paper offer.