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Share Name | Share Symbol | Market | Type |
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XL Fleet Corp | NYSE:XL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.14 | 0 | 01:00:00 |
By Enda Curran
Axis Capital Holdings Ltd. and PartnerRe Ltd. said Sunday they have agreed to merge and form one of the world's biggest reinsurance and specialist insurance companies, a firm with a combined market value of $11 billion.
The new company will be in the top five of reinsurers globally, rivaling such companies as Swiss Re AG, Munich Re and Berkshire Hathaway Inc.'s Gen Re subsidiary.
The merger is the latest example of consolidation in the reinsurance sector, which has been suffering from shrinking premiums and stiff competition.
In November, RenaissanceRe Holdings Ltd. agreed to buy Platinum Underwriters Holdings Ltd. in a stock-and-cash deal valued at more than $1.9 billion. Earlier this month, XL Group PLC agreed to buy rival Catlin Group Ltd. in a deal valued at GBP2.79 billion ($4.21 billion).
Reinsurers charge fees to insurers for taking on some responsibility for policies sold to a company or person.
Described as a "merger of equals," the combination of Axis and PartnerRe will create a company with gross premiums in excess of $10 billion and total capitalization above $14 billion, the two companies said.
The new company will also have a $2.5 billion specialty insurance underwriting business along with a life, accident and health business.
"This transformational combination will leverage the complementary strengths of both companies and create an organization with the size and breadth to enhance product and service offerings, maximize growth opportunities, optimize portfolios, and deliver both economies of scale and capital efficiencies," Albert A. Benchimol, chief executive officer of Axis Capital, said in the statement.
Mr. Benchimol will also be CEO of the newly combined company. Costas Miranthis is to step down as PartnerRe CEO.
Under the deal, PartnerRe shareholders will receive 2.18 shares of the combined company's common shares for each PartnerRe common share they own.
Shareholders in Axis Capital will receive one share of the combined company's common shares for each Axis Capital common share they own.
When the deal is completed, PartnerRe shareholders will own 51.6% of the new company and Axis Capital shareholders around 48.4%.
The transaction, which is expected to achieve a minimum of $200 million in cost savings, is expected to close in the second half of 2015.
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