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Love, actuary

4 March 2020 By Christopher Thompson, Aimee Donnellan

Covea is paying a 38% premium over book value for PartnerRe. That’s more than Exor paid four years ago and the same price mooted three-plus weeks ago. Since then, rival insurers have tumbled in value. Covea’s mutual structure looks to give it incentives to misallocate capital.

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