(Bloomberg) -- Axis Capital Holdings Ltd., the reinsurer seeking to grow its business after losing a bidding war for PartnerRe, is looking for more partnerships and may try another comparable takeover, its chief executive officer said.
“PartnerRe was an example of a possible acquisition that might have worked, there are others,” Albert Benchimol said in an interview in Monte Carlo on Sunday. “They may not be pure reinsurance companies and they may not be the size of PartnerRe, but there are certainly interesting companies out there. Whether they want to be acquired is another question.”
Axis, a specialty insurer and reinsurer, is among carriers that have been hurt by falling rates for property and casualty reinsurance amid rising competition from money managers seeking weather-related bets. Last year, Benchimol lost a bidding war for PartnerRe to Italy’s Exor SpA, the investment firm of the Agnelli family. Exor agreed in July last year to pay $6.9 billion for PartnerRe. Axis and PartnerRe have said their merger would have created the world’s fifth-largest property-and-casualty reinsurer.
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