The European holding company which owns reinsurer Partner Re has said they are in talks to sell the underwriter in a deal which is estimated to be worth $9 billion.
In a statement the firm said: “EXOR confirms that it has entered into exclusive discussions with Covéa regarding a possible all-cash acquisition of PartnerRe.
“These discussions are ongoing and there is no certainty that they will result in a transaction. EXOR will refrain from further comment until the final outcome of the discussions is known.”
French mutual insurance group Covéa has yet to make any comment on the talks but analysts believe that the deal will result in a quick profit for Amsterdam based EXOR, which also owns motor brands Ferrari, and Fiat Chrysler.
EXOR acquired Partner Re for $6.9 billion four years ago and analysts believe they could well walk away with a $2 billion profit.