Exor, the Italian investment company that made a rival bid for Bermuda-based PartnerRe, has taken its offer to the reinsurer’s employees.
Exor sent an open letter yesterday (June 6, 2015) to all PartnerRe employees who are shareholders, urging them to vote against the Axis amalgamation agreement.
“We are grateful for the strong support we have received to date from PartnerRe employees around the world,” said the letter.
“You, like we, recognise the superior value and certainty that our proposal offers for all stakeholders of PartnerRe including shareholders, clients, brokers, and especially employees. It is clear from your strong show of support that our messages about the continuity of the PartnerRe business, under the superior financial strength of EXOR, have resonated with you.”
It also highlighted: “There will likely be significant job and other redundancies under an Axis/PartnerRe combination. As highlighted in its most recent FAQ, your company expects to achieve the majority of its $200 million of expense synergies through staff layoffs, which would affect many of you.”