PartnerRe

The executive reports to recently arrived P&C Americas CEO Jon Colello.

The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.

Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.

An earlier positive outlook had reflected an anticipated benefit from ownership by a larger P&C, health and life insurance organisation.

Covea announced it would no longer be acquiring PartnerRe. The move seems likely to torch its reputation as a potential merger partner and will present challenges for its purported strategic goals.

The Exor chief reaffirms his long-term commitment to the reinsurer in an internal memo.

Exor rejects Covea’s attempts to renegotiate terms in light of the Covid-19 crisis.

PartnerRe CEO Emmanuel Clarke avowed that “continuity prevails” in describing how the global reinsurer will maintain its autonomy and business strategy despite a change in ownership.

S&P had earlier declared the mutual could comfortably digest even a sizeable acquisition.

PartnerRe's union with Covea gave it access to primary risk, leaving the reinsurer better placed, but the two must still address cultural challenges and the issues PartnerRe has faced in recent years.

Fitch today placed PartnerRe’s A+ strong financial strength rating on “rating watch positive”.

French mutual Covea and Bermudian reinsurer PartnerRe announced they had reached a memorandum of understanding by which Covea would purchase Partner for $9bn cash, plus a $50mn cash dividend.