Exor secures higher price for PartnerRe from Covea

Exor, the holding company of Italy's Agnelli family, has agreed to increase by $328m the cash price it would receive for the planned sale of its PartnerRe reinsurer to French insurance group Covea.

The increased amount will be paid as $150million by Covea to Exor, and $178m by PartnerRe through a special dividend.

In a statement from its full-year results, Exor said that, based on PartnerRe's common shareholders' equity at the end of last year, "the agreed cash consideration will be adjusted, as per the agreed terms, to include additional proceeds for around $328 million".

Bermuda-based PartnerRe was established in 1993, in the aftermath of Hurricane Andrew.