Covea, a mutual insurer, completed the acquisition of PartnerRe, a holding company for its international reinsurance group, from Exor, a venture capital fund, for $9bn. “The cooperation agreement signed in the summer of 2020 with Covéa has been positive in many ways and has contributed to a strong level of mutual trust between our companies. Also, thanks to Jacques Bonneau’s leadership and the excellent work of his team, PartnerRe has further improved its performance and strengthened its distinctive capabilities. Together, these have created a new opportunity to significantly reinforce PartnerRe’s development as a global reinsurance company," John Elkann, Exor Chairman and CEO. On November 30, 2021, Exor stated that the sale will enable approximately $10.2bn for its future investments.