PartnerRe Ltd’s acquisition by Exor has been completed, the Bermudian reinsurer announced today.

Next Thursday the company’s new board will meet for the first time when the directors will nominate a chairman and the company’s new permanent chief executive officer.

Exor, the Italian investment firm controlled by the Agnelli family, derailed the planned merger between PartnerRe and Bermudian rival Axis Capital Holdings Ltd last year and came out on top in a bidding war, eventually paying around $6.9 billion to buy the reinsurer.

Johann Elkann, Exor’s chairman and chief executive, will sit on the PartnerRe board. Other directors named are Mario Bonaccorso, Brian Dowd, Patrick Thiele and Enrico Vellano. Mr Thiele served as the firm’s CEO for more than decade before he retired in 2010, while Mr Dowd is also well known in Bermuda after an illustrious career with Ace.

PartnerRe said it was expected that the board would select a new CEO from existing management.

Today’s statement said common shareholders will be entitled to receive $137.50 as well as a one-time special cash dividend of $3 per share. The company is also paying a pro-rata quarterly dividend of 13 cents per share for the period March 1 to March 17, 2016. PartnerRe common shares will no longer be traded on the New York Stock Exchange. Today the Bermuda Stock Exchange also announced the suspension of trading of PartnerRe shares pending their delisting.

Holders of PartnerRe’s preferred stock will also receive a cash payment of $1.25 per share, amounting to a total payout of $42.7 million by the company. The preferred shares will continue to be traded on the New York Stock Exchange.