MILAN— Exor NV said on Thursday it signed a memorandum of understanding to sell reinsurance company PartnerRe Ltd. to French insurer Covéa Coopérations for $9 billion, generating a large cash gain that the Agnelli family holding company can direct toward new investments.
Exor, which owns large stakes in car makers Stellantis NV and Ferrari NV, and Covéa reached a similar deal in March 2020, but that fell apart in the wake of the economic distress and uncertainty created by the Covid-19 pandemic. At the time, Exor Chairman John Elkann refused to budge when Covéa argued for a discount on the $9 billion price tag because of the pandemic.
