PartnerRe sells New York unit to Employers

PartnerRe is selling its New York-based multi-property and casualty reinsurance unit to Nevada-based Employers Holdings, according to an SEC filing.

Employers Group, a wholly owned subsidiary of Employers Holdings, entered into a stock purchase agreement with Partner Reinsurance Company of the US with respect to the acquisition of all of the outstanding shares of capital stock of PartnerRe Insurance Company of New York (PRNY), the statement says.

The purchase price is equal to the sum of the amount of statutory capital and surplus of PRNY at closing plus $5.8 million. Employers expects to fund the acquisition with cash on hand.

Employers is a group of companies providing workers' compensation insurance and services to select, small American businesses. The company will not be acquiring any employees, according to the statement. The deal is pending regulatory approval.

In March 2016, Bermuda-based PartnerRe was acquired by EXOR, an investment company controlled by Italy’s Agnelli family.

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