PartnerRE sale back on as talks resume

Exor and Covea are again in talks about the sale of PartnerRE, according to reports. The Italian national daily business newspaper Il Sole 24 Ore reports that the Agnelli family holding company is again discussing a sale to the French mutual insurer.

Earlier discussions  ended in May 2020 when Covéa has walked away from a planned $9 billion purchase – a failure blamed on the pandemic. Exor said at the time that Covéa was attempting to renegotiate the agreed deal terms outlined in a memorandum of understanding announced in March.

Moody’s analyst Benjamin Serra described it as a “missed opportunity for Covéa to significantly diversify its business profile”.

According to the new reports, the companies are discussing a valuation for PartnerRE “close” to the original price.