Covea’s proposed acquisition of Axa XL Re reportedly fails

French insurer Covea Groupe SAS’ attempt to acquire Axa SA’s Bermuda-headquartered nonlife reinsurance division Axa XL Re has reportedly failed after its bid was rejected as too low, Reinsurance News reported citing L’Argus de l’assurance. Covea had been pursuing the acquisition to strengthen its position in the reinsurance market and diversify its product portfolio.