Exor agrees increased sale price for PartnerRe by 328 million euros

MILAN (Reuters) – Exor, the holding company of Italy’s Agnelli family, said on Thursday it had agreed to increase by $328 million the cash price it would receive for the planned sale of its PartnerRe reinsurer thanks to its solid performance last year.

Exor last year signed an agreement to sell PartnerRe to French insurance group Covea for $9 billion, reviving a deal that had been derailed by the coronavirus pandemic.

The holding company on Thursday said in a statement from its full-year results that, based on PartnerRe’s common shareholders’ equity at the end of last year, “the agreed cash consideration will be adjusted, as per the agreed terms, to include additional proceeds for around $328 million”.

The increased amount will be paid to Exor for $150 million by Covea and for $178 million by PartnerRe thorough a special dividend, it added.

Exor, which is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari, CNH Industrial and Juventus football club, said on Thursday it turned to a 1.717 billion euro ($1.89 billion) net profit last year.

That compares with a 30 million loss in Covid-hit 2020.

The company net asset vale (NAV) increased to 31.069 billion euros at the end of 2021 from 24.041 billion a year earlier.

Exor, however, said it could not assess the impact of the conflict in Ukraine on its business given its developments were highly uncertain.

It said it acknowledged the unpredictability of the war “regarding the duration, outcome and long-lasting consequences”.

“The overall effect of these factors on Exor’s business cannot be estimated with a sufficient degree of confidence, and Exor will continue to monitor closely the developments,” it added.

The company proposed a dividend of 0.43 euros per share on its 2021 results, worth a total of around 99 million euros.

($1 = 0.9095 euros)

(This story refiles for dropped word in paragraph 2)

(Reporting by Giulio Piovaccari, editing by Giulia Segreti, Bernard Orr)