Credit Suisse's overseer has another pressing case outside of the Swiss lender, thanks to long-standing ties to Italy's wealthy Agnelli automotive clan.
Partner Re is a takeover target: the Bermuda-based reinsurer controlled by Italy's Agnelli family agreed to sit down for talks with Covéa, a French insurer with roots in Switzerland. This deal represents yet another obligation for Credit Suisse's chairman, António Horta-Osório, who sits on Partner Re's board.
Horta-Osório, who is in the midst of a sweeping overhaul of Credit Suisse's culture, risk, and strategy following several high-profile scandals, drew little attention when he joined Partner Re's board in May, one month after taking over at the Swiss bank.
The British-Portuguese banker sat on the board of Exor, the Agnelli's investment vehicle, for the past six years.
Revolving Door
Exor, which is overseen by Agnelli scion John Elkann, holds considerable stakes in automaker Ferrari and in luxury shoe brand Christian Louboutin. Horta-Osório's proximity to the family fits with his job in Zurich, where Credit Suisse is seeking ties to wealthy, multi-national families.
The Partner Re post is somewhat of a departure – Credit Suisse has long maintained close ties with Swiss Re. Bank executives including Renato Fassbind, David Blumer, Phil Ryan, or Joachim Oechslin have moved from one to the other.
