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.
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