Covéa boss now PartnerRe chair as deal closes

Top executives step down as deal goes through

Covéa boss now PartnerRe chair as deal closes

Mergers & Acquisitions

By Terry Gangcuangco

It’s official: PartnerRe is now owned by Covéa.

The sale of the global reinsurer to the French mutual insurer was completed on July 12, which marked the effectivity of Covéa chief executive Thierry Derez’s appointment to the PartnerRe board as chair. Also added to the board on the same date were Covéa leaders Thierry Francq and Maud Petit, replacing Enrico Vellano and António Horta-Osório who resigned upon closing of the deal.   

“This acquisition enables Covéa to combine the expertise and support capabilities of the French market leader with those of a global risk management operator,” commented Derez, whose chairmanship of Covéa has been handed over to Michel Gougnard.

“With this greater diversification, our group will strengthen its position as a key player in risk management, covering the entire value chain. This major step forward in the group’s development is aligned with our 200-year history of adapting to risk transformation. It will enable us to continue to keep apace with changes in society and the expectations of our clients.”

Lifting the lid on the move to separate the offices of CEO and chair at Covéa, the insurer pointed to “a new chapter” in the history of the group.

The company explained: “The acquisition of PartnerRe represents a major transformation for the group, which begins a new chapter in its history. Consequently, the board of directors believed it would be beneficial for the group for Thierry Derez to focus on shaping the new structure as group chief executive officer.”

PartnerRe was previously part of Amsterdam-headquartered diversified holding company Exor.

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