Exor’s sale price for PartnerRe rises

(Reuters) — Exor, the holding company of Italy’s Agnelli family, said Thursday it had agreed to increase by $328 million the cash price it would receive for the planned sale of its PartnerRe reinsurer, thanks to its solid performance last year.

Exor last year signed an agreement to sell PartnerRe to French insurance group Covea for $9 billion, reviving a deal that had been derailed by the coronavirus pandemic. 

The holding company on Thursday said in a statement from its full-year results that, based on PartnerRe’s common shareholders’ equity at the end of last year, “the agreed cash consideration will be adjusted, as per the agreed terms, to include additional proceeds for around $328 million.”

The increased amount will be paid to Exor for $150 million by Covea and for $178 million by PartnerRe through a special dividend, it said.

Exor, the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari, CNH Industrial and the Juventus football club, Thursday it turned to a €1.717 billion ($1.89 billion) net profit last year.

That compares with a €30 million loss in COVID-19-hit 2020.

Exor, however, said it could not assess the impact of the conflict in Ukraine on its business given its developments were highly uncertain.