Insurers Axis Capital and PartnerRe will merge in an $11b deal that will create the fifth largest property and casualty reinsurer in the world.
PartnerRe’s shareholders will own 51.6% of the merged entity, with Axis Capital owning the remaining 48.4%. Cuts totaling some $200m are planned within two years from the deal going through.
The new company’s investment portfolio will total some $33b.
