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PartnerRe Ltd., seeking to fend off a hostile $6.8 billion cash bid from Exor SpA, is weighing whether it can arrange new terms with rival reinsurer Axis Capital Holdings Ltd. to preserve their planned merger.

Evan Greenberg just took dealmaking to the next level.

Axis CEO Albert Benchimol, whos working to complete a merger with PartnerRe, said his company can withstand a collapse of the deal and that a termination fee would soften the blow.

PartnerRe said it would engage in discussions with hostile bidder Exor to seek a better offer than the $6.8 billion proposal that the target company called unacceptable.

Exor upped the ante in the takeover battle for PartnerRe, raising its bid by 5.8% in a final push to beat out rival Axis for control of the reinsurer.

PartnerRe rejected an unsolicited $6.4 billion takeover offer from Italys Exor SpA, opting to stick with merger partner Axis.

Ace CEO Evan Greenberg said there are signs the insurance industry is entering another era of taking on too much risk as competition pressures companies to lower prices to win business.

Exor SpA offered $6.4 billion for PartnerRe Ltd., seeking to break up the reinsurers planned merger with Axis Capital Holdings Ltd.