Italy's Exor SpA and PartnerRe Ltd. ended months of negotiations by reaching an agreement in which Exor would buy PartnerRe in a deal valued at $6.9 billion.

As part of the Exor deal, PartnerRe has agreed to terminate its separate agreement with Axis Capital Holdings Ltd.

The deal between Exor and PartnerRe continues the consolidation trend among reinsurers. which take on some or all of the risk of policies sold by primary insurers to individuals and businesses.

Write to Tess Stynes at tess.stynes@wsj.com

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