(Bloomberg) -- Axis Capital Holdings Ltd. agreed to a 52% increase in the size of the dividend that PartnerRe Ltd. shareholders would get before their planned merger, seeking to fend off a hostile bid for the reinsurer from Exor SpA.
The dividend was raised to $17.50 from $11.50, Bermuda-based PartnerRe and Axis said Thursday in a statement.
Exor is seeking to buy PartnerRe for cash and has been improving terms since making its initial unsolicited bid to break up the company’s deal with Axis, a Bermuda-based insurer. Turin-based Exor has offered $6.8 billion, and said last week that it would lift the dividend rate on PartnerRe preferred shares by one percentage point and won’t call three series of the securities until 2021. Axis said Thursday that it would match Exor terms on preferred stock.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
