PartnerRe, a reinsurance company, will buy its smaller European rival Paris Re in a $2 billion deal announced late Sunday. The deal should make Bermuda-based PartnerRe the world’s fourth-largest reinsurer.

Under a stock-for-stock transaction, PartnerRe will pay 0.3 of its shares for every Paris Re share. The resultant company will have nearly $23 billion in assets and about 1,400 employees, The New York Times reports.

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