(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.
Italy's Exor has been reshaping PartnerRe after buying the company for about $6 billion this year. PartnerRe in August added Nikhil Srinivasan, chief investment officer of Assicurazioni Generali SpA, to its board as the company rearranges its investment portfolio, building property bets. Exor also controls Fiat Chrysler Automobiles NV and Ferrari NV and has said reinsurance offers an opportunity to diversify operations.
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