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Axis to Merge With PartnerRe, Form $11 Billion Reinsurer

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By Noah Buhayar

January 26, 2015 at 12:45 AM UTC

Updated on

January 26, 2015 at 3:45 PM UTC

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Axis Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid accelerating consolidation in the industry.

PartnerRe shareholders will own 51.6 percent of the new insurer, and the company declined in New York trading while Axis advanced. The combined entity will be among the world’s five largest reinsurers, with more than $10 billion in policy sales, according to a statement late Sunday in New York. Invested assets and cash will be more than $33 billion.