Reinsurance

Axa will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor.

PartnerRe Ltd. will ask its shareholders to vote on a planned merger with Axis Capital Holdings Ltd. after Exor SpA refused to raise a $6.8 billion hostile bid for the reinsurer.

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.

Alleghany rose the most since December as Reuters reported that the company was approached about the possible sale of its Transatlantic reinsurance unit.

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.