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International

PartnerRe and Axis Capital to merge, create top 5 reinsurer

January 26, 2015 Reprints

Bermuda-based reinsurers PartnerRe Ltd. and Axis Capital Holdings Ltd. have announced their merger to form a group with a market capitalization of almost $11 billion, reported The Royal Gazette.

The merger would create the world's fifth-largest property and casualty reinsurer, with annual gross premiums of $10.7 billion, total capitalization of about $14 billion and an investment portfolio of $33 billion.

PartnerRe and Axis Capital said that they are likely to make annual savings of at least $200 million.

Albert Benchimol, CEO of Axis Capital, will lead the newly formed entity.

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PartnerRe and Axis Capital to merge, create top 5 reinsurer

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