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Covéa Group closes $9 billion purchase of PartnerRe
New chapter: Thierry Derez, chairman and chief executive officer of Covéa (Photograph supplied)
French mutual insurer Covéa has completed its $9 billion purchase of Bermudian-based reinsurer PartnerRe from Exor, the companies have announced.
In conjunction with the close of the sale, Thierry Derez, chief executive officer of Covéa Group, will replace Brian Dowd as chairman of the company’s board of directors.
A statement from Partner Re said Mr Dowd will remain on the board as an independent director, along with existing independent directors Mary Ann Brown and Hermann Pohlchristoph.
PartnerRe president and CEO Jacques Bonneau will also remain on the board.
Covéa said the acquisition represented a major transformation for the group, the start of a “new chapter in its history”.
“It gives access to enhanced diversification in terms of product range, business lines and geographies in which the group operates, thus strengt