(Bloomberg) -- PartnerRe Ltd.’s former Chief Executive Officer Patrick Thiele said the reinsurer’s shareholders should vote against a planned merger with Axis Capital Holdings Ltd. and called the cash offer from Italy’s Exor SpA a better option.
A combination with Axis would be “high risk with limited or no increase in return,” Thiele, who stepped down as CEO in 2010, said by e-mail. He said he expects more value generated with Exor, the investment firm of the billionaire Agnelli family.
After an Axis merger, the company would “fire a lot of people and reduce expenses, which you always have to weigh against what you’re losing in premium that’s associated with those people,” Thiele said Wednesday in an interview at Bloomberg headquarters in New York. PartnerRe was “already more efficient in terms of their capital use than Axis. So what’s the point of putting them together?”
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