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PartnerRe and Axis seek to create the world’s fifth-largest property-and-casualty reinsurer through a merger that would diversify risks. (Image: Shutterstock)

(Bloomberg) — 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.

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