Bermuda-based reinsurer PartnerRe shareholders have approved $6.9bn acquisition offer by investment firm Exor.
In August this year, Exor entered into an agreement to acquire PartnerRe, for around $6.9bn.
As part of the agreement, Exor agreed to acquire all of the outstanding common shares of PartnerRe for an all-cash consideration of $140.50 per share. It will also pay special pre-closing dividend of $3.00 per share.
Subject to the satisfaction of certain customary closing conditions, including antitrust and insurance regulatory approvals, the deal is expected to complete in the first quarter of 2016.
PartnerRe offers multi-line reinsurance services to insurance firms. It also provides capital markets products such as weather and credit protection to financial, industrial and service companies.
The company also provides risks reinsured products, comprising property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multi-line and other non-life products.
In addition, the firm offers mortality, longevity, accident and health, and alternative risk products.
The company reported revenues of around $6.5bn, as of December 2014. Its total assets were $22bn and total capital was $7.6bn, as of September 2015.
Controlled by the Agnelli Family, Exor invests in the businesses based in Europe and the US.
Image: PartnerRe offers multi-line reinsurance services to insurance companies. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.