Paris:
After failing to take over SCOR and Partner Re, French based Covéa insurance group is now targeting the acquisition of Bermuda based AXA’ XL Re , AXA's non-life reinsurance operations, French insurance journal L’Argus said .
Any deal would make Thierry Derez’s mutual insurer Covéa finally realize its ambition to acquire a large global reinsurance operation and a takeover of AXA XL Re would strengthen its standings in the non-life reinsurance sector and diversify its offering.
In April, AXA XL announced the consolidation of its reinsurance businesses under the AXA XL Re entity, based in Bermuda.
AXA XL Re recorded almost $5 billion in gross written premiumsin 2020, propelling it be a top 15 global reinsurers,
Earlier Covea abandoned efforts to buy the SCOR , ending one of the country’s most acrimonious takeover attempts in recent years.Covea's plan to buy re-insurer PartnerRe from the Exor holding firm of Italy's Agnelli family also had collapsed late after the French company attempted to renegotiate the price due to the coronavirus crisis.