Axis is merging with PartnerRe to create $11B reinsurer

Axis Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid accelerating consolidation in the industry.

By Noah Buhayar | Updated on January 26, 2015

(Bloomberg) — Axis Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid accelerating consolidation in the industry.

PartnerRe shareholders will own 51.6% of the new company after the “merger of equals,” while Axis investors hold 48.4%, the firms said late Sunday in New York. The new company will be among the world’s five largest reinsurers, with more than $10 billion in combined policy sales. Invested assets and cash will be more than $33 billion.

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