AXIS Capital Announces $11 Billion “Merger of Equals” with PartnerRe
01.27.15
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The Firm is representing AXIS Capital Holdings Limited (NYSE: AXS) in connection with its announced combination with PartnerRe Ltd. (NYSE: PRE) to create a global insurer and reinsurer with a combined equity value of approximately $11 billion. Under the terms of the amalgamation agreement, the AXIS Capital and PartnerRe will be combined in an all-stock “merger of equals” transaction forming a company with gross premiums in excess of $10 billion, total capital of more than $14 billion, and cash and invested assets of more than $33 billion. The transaction is subject to stockholder approval from both companies, the receipt of regulatory approvals and other customary closing conditions, and is expected to close in the second half of 2015.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance. PartnerRe is a leading global reinsurer, providing multi-line reinsurance to insurance companies.
The Simpson Thacher team includes Gary Horowitz, Patrick Naughton, Nick Ramphal, William Allen, Michael Chao, Alexander Lebow and Jeff Liu (M&A); Larry Moss, Jennifer Pepin and Eric Wolf (Executive Compensation and Employee Benefits); Steve DeLott (Insurance); and Sophie Staples and David Holmberg (Tax).