AXIS’ CEO and PartnerRe’s Chairman Tout Benefits of Announced Merger

Πέμπτη, 02 Ιουλίου 2015 16:19

A.M.BestTV episode examines a recent interview given by Albert Benchimol, president and chief executive officer at AXIS Capital Holdings Limited (AXIS) and Jean-Paul Montupet, chairman at PartnerRe Ltd, concerning the proposed merger between their two companies.

Both Benchimol and Montupet agreed that the proposed merger is in the best interest of both companies, since the new company will broaden the array of products and capabilities in multiple sectors; thus, creating opportunities that neither company would have on its own.

“The opportunities this merger presents for AXIS are tremendous,” said Benchimol. “This new company will provide greater financial strength, expense savings, capital efficiencies and a fuller complement of products and geographies.”
“This merger will create a new company that is ideally positioned to face the challenges and benefit from the opportunities, which will appear in the insurance and reinsurance industries for many years,” said Montupet. “This new company will allow PartnerRe Ltd to implement the strategy that we were pursuing prior to the merger, as we were moving from a pure play reinsurance business into a primary insurance business.”

A.M. Best’s Vice President Robert DeRose looks upon this merger as being quite favorable for both companies. “Both organizations are good franchises and have a leadership position in the market. AXIS has the advantage of having both insurance and reinsurance operations, whereas PartnerRe Ltd has stayed focused on reinsurance. In this challenging reinsurance market, having the dual capability is certainly very important in order to manage the cycle in a prudent manner.” 

OLDWICK, N.J.--(BUSINESS WIRE)

 

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