(Bloomberg) -- PartnerRe Ltd. jumped in New York trading afterInsurance Insider reported that the reinsurer, which agreed last month to merge with Axis Capital Holdings Ltd.,might draw bids from rivals to break up the deal.
|Alleghany Corp. and France’s Scor SE are weighing whether tomake competing offers, Insurance Insider said. Bermuda-basedPartnerRe surged 5.9% to $120.86 at 4:15 p.m. in New York. Axisclimbed 19 cents to $51.31.
|An Axis-PartnerRe deal to create the world’s fifth-biggestproperty-casualty reinsurer was announced the same month that XLGroup Plc agreed to buy Catlin Group Ltd. for about $4 billion.Meyer Shields of Keefe, Bruyette & Woods Inc. is among analystswho have said reinsurers are facing pressure to consolidate or fallbehind rivals that make deals.
|Representatives of PartnerRe, Axis and Scor declined to comment.Alleghany’s Kerry Jacobs didn’t return a message.
|--With assistance from Fabio Benedetti-Valentini in Paris,Zachary Tracer and Matthew Monks in New York and Noah Buhayar inSeattle.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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