The deal is expected to be completed by the first quarter of 2017. (Photo: iStock)

(Bloomberg) – PartnerRe Ltd., the reinsurer owned by John Elkann’s Exor SpA, agreed to buy Aurigen Capital to expand in coverage of life policies in North America.

PartnerRe agreed to pay C$375 million ($284 million) in a deal expected to be completed by the first quarter of 2017, the companies said Thursday in a statement. The buyer will use cash on hand for the purchase, according to the statement.

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