MILAN—Exor, the holding company of Italy’s Agnelli family, has entered a preliminary agreement to sell its PartnerRe re-insurer to French insurance group Covea for $9 billion, bringing home a deal that had been derailed by the coronavirus pandemic.
The price tag is unchanged from last year, when Covea walked away from the purchase of the Bermuda-based firm saying it could no longer buy it under the terms of a pre-pandemic agreement, which Exor refused to change.
