Invested assets and cash worth more than $33bn
Axis Capital Holdings has agreed to merge with PartnerRe, combining two Bermuda-based reinsurers with a total market value of almost $11bn.
PartnerRe shareholders will own 51.6% of the new company after the “merger of equals,” while Axis investors hold 48.4%, the firms said on Sunday.
The new company will be among the world’s five largest property-casualty reinsurers by gross premiums, according to Bloomberg. Invested assets and cash will be more than $33bn.
Axis Capital was founded by Marsh & McLennan and began operations in 2001 after the 9/11 terrorist attacks.
Its Axis Re Ventures unit helps investors bet on weather risks through securities such as catastrophe bonds.
PartnerRe was formed in 1993 after Hurricane Andrew. It provides catastrophe coverage and also guards against risks in industries including agriculture, aviation and energy.