De Brauw advised Exor, the leading diversified holding company controlled by the Agnelli family, who together with Covéa, a leading French mutual insurer, have signed a Memorandum of Understanding under which Covéa will acquire PartnerRe, the global reinsurer wholly-owned by Exor for USD 9 billion. Following a successful closing of the transaction, Exor and Covéa will continue their reinsurance cooperation, with Exor acquiring from Covéa interests in special purpose reinsurance vehicles managed by PartnerRe for approximately $725 million (€625 million). These vehicles will invest in property catastrophe and other short-tail reinsurance contracts underwritten by PartnerRe. Covéa, Exor and PartnerRe would also continue to invest jointly in Exor-managed funds with reinforced alignment of interests.
The De Brauw team consisted of Paul Cronheim, Michael Schouten, Joel Erwteman and Heather Giannandrea. Lead counsel for Exor for the overall transaction was Sullivan and Cromwell.