PartnerRe

Scor shares slip on its largest shareholder's takeover agreement.

The trend towards the “conglomerization” of reinsurance entities integrating into large insurance companies seems set to continue, with the likely acquisition of PartnerRe by French mutual Covea.

Just under a quarter of Covea’s portfolio would be dedicated to reinsurance should its bid for PartnerRe be successful.

Non-life net written premium at the Bermuda carrier surged by 17 percent.

Zurich Insurance’s Nicolas Burnet will replace the CFO, who is to pursue an Exor-backed “entrepreneurial venture”.

The ratings agency says the Emmanuel Clarke-led reinsurer’s balance sheet strength is “at the strongest level”.

The reinsurer’s non-life combined ratio deteriorated by 1.9 points to 92.8 percent.

PartnerRe reported a net profit of $497mn for the first quarter of 2019 after generating a net investment return of $600mn during the period.