By Mauro Orru

Exor NV said Monday that it would spend 1.5 billion euros ($1.77 billion) along with French mutual insurance company Covea Cooperations SA in special-purpose insurance vehicles managed by PartnerRe, as well as other investment opportunities.

The holding company of Italy's Agnelli family said EUR750 million would go toward the special-purpose insurance vehicles investing in property catastrophe and other short-tail reinsurance contracts, with the remaining EUR750 million for other opportunities.

The two companies will make a EUR500 million investment in special-purpose insurance vehicles on Jan. 1, 2021 with another EUR250 million investment made prior to or on Jan. 1, 2024, Exor said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

August 03, 2020 12:24 ET (16:24 GMT)

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