Connect with us

Hi, what are you looking for?

Loan And Finance

Adjusted PartnerRe price revealed | Insurance Business America

0305 637840426201223571



Adjusted PartnerRe price revealed

The revived multibillion-dollar sale of reinsurer PartnerRe to French mutual insurer Covéa is no longer so cheap.

In a release, Amsterdam-headquartered diversified holding company Exor noted: “The agreed cash consideration of $9 billion to be paid by Covéa at closing of the transaction was based on a consolidated common shareholders’ equity value of $7 billion.

“Based on PartnerRe’s common shareholders’ equity at December 31, 2021, the agreed cash consideration will be adjusted, as per the agreed terms, to include additional proceeds for around $328 million (of which $150 million to be paid by Covéa and $178 million to be paid by PartnerRe as a special dividend).”

The increase is higher than the additional consideration set out in the original agreement, which was scrapped in 2020 following significant economic uncertainties due to the coronavirus pandemic. Two years ago, what was originally agreed upon spanned a cash consideration of $9 billion plus a cash dividend worth $50 million.

The swoop for Bermuda-based PartnerRe was subsequently back on the table, with a definitive agreement signed in late 2021. Completion is slated for the middle of the year.   

.



Source link

Advertisement. Scroll to continue reading.

Click to comment

Leave a Reply

Latest

Social Media

LinkedIn is currently seeing ‘record levels’ or user engagement, but much of that is seemingly dominated by re-posts from other platforms, spam, vaguely topical...

Top Stories

Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange...

Technology

WordPress is web software you can use to create a beautiful website or blog. We like to say that WordPress is both free and...

Social Media

Digital content managers and webmasters, best to keep an eye on your Google rankings over the next few weeks. Today, Google has confirmed that...

Social Media

Reddit’s looking to make a bigger push on its Reddit Talk audio social experiment, with a new Host Program to help it find and...

Social Media

Snapchat has published its third annual ‘CitizenSnap Report’, which outlines how the company is progressing towards its various environmental, social, and governance goals, and...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement