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Reinsurers Axis Capital, PartnerRe combining in $11 billion transaction

Reinsurers Axis Capital Holdings Ltd. and PartnerRe are combining in an $11 billion deal.

PartnerRe Ltd. shareholders will receive 2.18 shares of the combined company's stock for each share of PartnerRe that they own. Axis Capital shareholders will receive one share of the new company's stock for each share of Axis Capital that they own.

PartnerRe shareholders will own about 51.6 percent of the new company once the deal closes. Axis Capital shareholders will own about 48.4 percent.

Axis Capital CEO Albert A. Benchimol will serve as CEO of the new company.

PartnerRe CEO Costas Miranthis is stepping down from his post and as a PartnerRe director. PartnerRe board member David Zwiener will serve as interim CEO until the deal closes.