Debevoise Advises Covéa in Its Signing of a Memorandum of Understanding with Exor to Acquire PartnerRe for $9 Billion

28 October 2021

Debevoise & Plimpton LLP is advising Covéa, a leading French mutual insurer on the signing of a memorandum of understanding between Covéa and Exor, a diversified holding company controlled by the Agnelli family, for the acquisition of PartnerRe, a global reinsurance company.  The cash consideration of $9 billion to be paid by Covéa on the closing of the transaction is based on a consolidated common shareholders’ equity value of $7 billion. For more information, please see the company’s press release.

Covéa, a mutual insurance group, is a major player in insurance, present in the main markets and a leader in property damage and liability insurance in France. With its MAAF, MMA and GMF brands, the Group insures more than 11.5 million French people. PartnerRe is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions.

The Debevoise team is led by insurance M&A partner David Grosgold and international consultant Clare Swirski and includes partner John Vasily, counsel Benjamin Lyon and corporate insurance associates Katie Power, Katrina Kaczynski, James Houlihan, Joanna Faley, M&A associate Hilary Davidson, finance associate Matthew Sacco, benefits partner Lawrence Cagney and associate Sandy de Sousa, tax partner Cécile Beurrier and associate Gregory Arutiunov and antitrust associate Anne-Mette Heemsoth.