Investment firm Exor has completed the acquisition of Bermuda-based reinsurer PartnerRe, for about $6.9bn.
The deal, which was first announced in 2015, received PartnerRe shareholders approval in November.
In 2015, Exor acquired 9.9% of the outstanding common shares of PartnerRe for $609m.
Under the terms of the merger deal, Exor has now acquired all the remaining outstanding common shares of PartnerRe for $ 6.1bn.
As of February this year, the company paid $42.7m in the aggregate to holders of PartnerRe preferred shares.
Under the deal, Exor has paid $137.50 per PartnerRe share and a one-time special cash dividend of $3.00 per share.
PartnerRe provides multi-line reinsurance services to insurance firms. It also offers capital markets products such as weather and credit protection to financial, industrial and service companies.
The firm’s other products include reinsured products such as property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multi-line and other non-life products.
In addition, the firm provides mortality, longevity, accident and health, and alternative risk products.
Image: PartnerRe offers multi-line reinsurance services to insurance firms. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.