PartnerRe Ltd. jumped in new york trading after “coverage Insider” suggested that the reinsurer, which agreed final month to merge with Axis Capital Holdings Ltd., may draw bids from opponents to break up the deal.
Alleghany Corp. and France’s SCOR SE are weighing whether to make competing offers, “coverage Insider” said. Bermuda-based PartnerRe surged 5.nine percentage to $a hundred and twenty.86 at 4:15 p.m. in ny. Axis climbed 19 cents to $51.31.
An Axis-PartnerRe deal to create the sector’s fifth-largest property-casualty reinsurer become announced the equal month that XL institution % agreed to shop for Catlin group Ltd. for about $4 billion. Meyer Shields of Keefe, Bruyette & Woods Inc. is among analysts who've said reinsurers are facing strain to consolidate or fall behind competitors that make deals.
Representatives of PartnerRe, Axis and SCOR declined to comment. Alleghany’s Kerry Jacobs didn’t go back a message.
–With help from Fabio Benedetti-Valentini in Paris, Zachary Tracer and Matthew monks in ny and Noah Buhayar in Seattle.